Open and shut case: Sebi

The Securities and Exchange Board of India (Sebi) is quite confident that its interim order on Jane Street (JS) and its affiliates will pass the muster of the Securities Appellate Tribunal (SAT) and higher authorities, said sources in the know.

- NESIL STANEY

The US-based market maker said that JS is expected to challenge Sebi's interim order in SAT, and even Supreme Court. The firm's spokesperson on Friday said, "Jane Street disputes the findings of the Sebi interim order and will further engage with the regulator. Jane Street is committed to operating in compliance with all regulations in the regions we operate around the world."

Sebi officials, however, are confident about the order. "This is an open and shut case even for the SEC (Securities and Exchange Commission)," the source said, adding that the interim order clearly indicates investigations will continue across exchanges. "The scope here is quite large," he added.