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SEBI calls Jane Street document request a dilatory tactic

SEBI’s lawyer said the regulator only needed to share documents it relied on for its interim order, and that additional information could harm the ongoing probe.

Reported · Written up by our desk · Trade & Tariffs

India’s markets regulator SEBI said a US hedge fund, Jane Street Group LLC, was using a “dilatory” tactic in a dispute over document requests tied to market manipulation allegations, according to LiveMint Markets.

During arguments at the Securities Appellate Tribunal, SEBI’s lawyer, Gaurav Joshi, said Jane Street should clarify its trading strategy and respond to SEBI’s interim order rather than seek more documents, the outlet reported.

Joshi argued that SEBI was only required to provide documents it relied on to pass its order, and he said furnishing additional information could harm the ongoing investigation, according to LiveMint Markets.

The hearing was expected to continue on Wednesday, Bloomberg reported, as Jane Street sought to question SEBI’s conduct rather than explain its trading strategy and address the regulator’s interim order, the outlet added.

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