Jane Street challenges Sebi in SAT, alleges 'biased probe'

Trading giant claims that previous report by surveillance department could not ascertain alleged manipulation

- KHUSBOO TIWARI

US-based trading firm Jane Street Group on Wednesday filed an appeal in the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi) in the alleged market manipulation case, according to documents reviewed by Business Standard.

Jane Street has argued that Sebi denied it access to crucial and relevant documents needed for its defence. The firm has further alleged "bias and pre-determination" by the regulator, accusing Sebi of allegedly "abandoning and reversing" an earlier finding that showed no price manipulation.

In its appeal, Jane Street has sought the full report of Sebi's Integrated Surveillance Department (ISD), along with correspondence between the National Stock Exchange (NSE) and Sebi related to the trades.