Sebi to probe Jane Street's Sensex options trades too

The capital markets regulator's investigation into alleged index manipulation by Jane Street will extend to the Sensex options contracts as well, according to two persons aware of the matter.

- Ram Sahgal

These contracts have gained traction over the past two fiscal years.

So far, the Securities and Exchange Board of India's (Sebi) interim order of 3 July has focused on 21 instances of Jane Street trades on the highly liquid but now-discontinued Bank Nifty weekly options and the Nifty weekly options between 1 January 2023 and 31 March 2025. The firm allegedly made illegal gains of ₹4,844 crore in these trades, largely at the expense of individual investors, according to Sebi.

"The investigation is ongoing and would not be limited to the NSE indices, but would also include the Sensex options, whose popularity soared in the past two financial years," said one of the persons cited earlier, speaking on the condition of anonymity.