Jane Street tells staff it will challenge Sebi ban

Sebi on Friday barred the firm from buying and selling securities in the Indian market

- Reuters

Jane Street has told staff it will contest a ban by India’s financial regulator which has accused the US high-frequency trading giant of market manipulation, adding that its practices in question were “basic index arbitrage trading”.

Jane Street said it was “beyond disappointed” by what it called “extremely inflammatory” accusations from the Securities and Exchange Board of India (Sebi) and is working on a formal response, according to an internal email sent to employees over the weekend that was seen by Reuters.

The email did not elaborate on the potential action that Jane Street might take.

Sebi on Friday barred the firm from buying and selling securities in the Indian market and seized $567 million of its funds.