Cong questions govt, SEBI for inaction in checking outflow of Jane Street's 'profits'

THE Congress on Tuesday questioned market regulator SEBI and the government for failing to protect the interest of small investors and check outflow of "illegal profits’ made by US algorithm trading firm Jane Street through stock market manipulation.

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Addressing a press conference here, Congress' head of social media department Supriya Shrinate said Jane Street, which manipulated the Indian stock market through algorithms and made thousands of crores in illegal profits in the Futures and Options market has caused massive losses to ordinary retail investors, while regulator SEBI remained a silent spectator.

"Why was SEBI sleeping for all these 4.5 years when Jane Street was manipulating the direct equity market and the F&O market," she asked, alleging that instead of protecting small investors, SEBI turned a blind eye to "rampant fraudulent activities".