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Jane Street hires Khaitan in Sebi case

Mint New Delhi

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July 14, 2025

Jane Street, US-based high-frequency trader (HFT) has hired top law firm Khaitan & Co. to defend itself in the case of alleged index manipulation, two people aware of the matter said.

- Ram Sahgal & Devina Sengupta

Securities and Exchange Board of India (Sebi) alleged in an interim order last week that Jane Street had manipulated the Bank Nifty and Nifty indices over two years by taking outsized trading positions, relative to other market participants, in their cash and derivatives constituents.

According to the regulator, this enabled Jane Street to make unlawful profit of ₹4,844 crore from trades in weekly Bank Nifty and Nifty options.

"The HFT is very close to closing the loop and is expected to pay the amount as asked by Sebi," said a senior executive aware of the development.

Khaitan and Jane Street did not respond to Mint's queries late on Sunday night.

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