Jane Street case: SAT seeks Sebi explanation on non-sharing of docs in 3 weeks

Mumbai, Sep 9 (PTI) The Securities Appellate Tribunal (SAT) on Tuesday asked Sebi to explain the reasons for not sharing documents with Jane Street in the next three weeks and kept the hedge fund's appeal against the markets regulator for hearing on November 18.

At the maiden hearing of the Jane Street appeal, Sebi counsel told the tribunal that the regulator has already given 10 GB of data to the hedge fund, and added that the July order barring the hedge fund is only an interim one, with the final one pending.

The regulator alleged that Jane Street is not sharing the trading strategy adopted by it, but is demanding internal circulars.

It can be noted that on July 3, Sebi had come out with an order asking Jane Street to pay ill-gotten gains of over Rs 4,800 crore through alleged market manipulation and had also barred the entity from the capital markets.

Jane Street last week filed an appeal against the interim order.

In the appeal, Jane Street alleges that sufficient information and access to documents imperative for putting up a defence have been denied by Sebi and claims that a recent inspection by a Sebi department had concluded that there was no manipulation.

As per the Jane Street lawyer, a total of 61 documents have been sought from Sebi, which was countered as a very large list by Sebi.

The counsel for Jane Street informed the SAT that even though paying off the amount has helped lift the ban on the hedge fund, it has yet to start trading on Indian markets. PTI AA BAL BAL