Jane Street case: SAT asks Sebi to reply in three weeks

Sebi said it was under no legal obligation to share internal reports and draft findings with Jane Street

- Priyanka Gawande & Neha Joshi

At a hearing on Tuesday, the Securities and Exchange Board of India (Sebi) told the Securities Appellate Tribunal (SAT) that Jane Street's demand for extensive documents was premature, arguing that the investigation into alleged index manipulation was still at a critical stage.

Sebi said it was under no legal obligation to share internal reports, draft findings, or confidential correspondence not relied upon in its ex-parte interim order, and refused to accede to what it called a "fishing and roving enquiry."

The regulator argued Jane Street was attempting to stall the proceedings rather than explain its trading strategies.

SAT directed Sebi to file its reply within three weeks.

Sebi had scheduled an internal hearing in the case for 15 September. That session will now be adjourned.