Sebi asked to reply to Jane Street's appeal in 3 weeks

The Securities Appellate Tribunal (SAT) on Tuesday ordered capital markets regulator Sebi to explain within three weeks why it can't share documents with US algo trading firm Jane Street.

- BENN KOCHUVEEDAN @ Mumbai

The order was in response to an appeal filed by Jane Street last week seeking more documents from the Securities and Exchange Board of India (Sebi).

The SAT asked Sebi to pause any personal hearings with the US firm until the matter is heard by the tribunal on November 18.

The order came on a plea from the New York algo trading giant, which was banned and fined by the regulator in an interim ex-parte order on July 3-4 for alleged manipulation of the market, especially on expiry days.