Jane Street's Plea Against SEBI Postponed to September 9 by SAT

The Securities Appellate Tribunal (SAT) has rescheduled the hearing of Jane Street Group’s appeal against SEBI, shifting the date from September 8 to September 9, 2025. The adjustment comes in light of a revised holiday calendar issued by the Maharashtra Government and a circular from the Central Government Employees' Id-e-Milad Welfare Co-ordination Committee. 

The case holds significance as Jane Street is contesting SEBI’s refusal to provide access to key documents, which the firm argues are essential for preparing its defence.

Hearing Shifted After Holiday Revision

According to SAT’s official website notification, “The cases listed for hearing on 8th September 2025 will be taken up on 9th September 2025.” The rescheduling follows the state government’s change of the Id-e-Milad holiday from September 5 to September 8 for Mumbai City and Mumbai Suburbs, a move confirmed by legal sources.

The matter, which was earlier listed for September 8, was last mentioned before the SAT on September 3. In its appeal, Jane Street has sought directions compelling SEBI to provide emails, notes, and other documents referred to during its investigation. The firm has also urged the tribunal to bar SEBI from initiating further action until the appeal is resolved. A related hearing is slated before SEBI’s Whole-Time Member (WTM) on September 15.

Dispute Over SEBI’s Refusal to Share Records

As per news reports, SEBI had earlier turned down Jane Street’s requests for access to the documents. On August 7, the regulator stated there was “no reference to the said documents/correspondences in the Interim Order.” Another request made on August 14 was rejected on the grounds that the material contained “third-party data” and was confidential.

Jane Street has alleged that SEBI’s stance amounts to suppression of vital evidence and a breach of natural justice. The firm has further claimed that SEBI’s surveillance department and the NSE had initially found no signs of manipulation, but an interdepartmental group was constituted on December 31, 2024, with a “pre-determined motive” to build a case without examining its trading model.

In its interim order on July 3, SEBI accused Jane Street of leveraging its financial resources and technology to manipulate index options. The regulator directed the firm to deposit ₹4,843.5 crore in a separate account under SEBI’s lien. Jane Street complied with the directive on July 11. SEBI subsequently eased restrictions on the company but instructed exchanges to monitor its trades closely.

Read More: The Wealth Company Mutual Fund Filed A Draft With SEBI for an Ethical Fund!

Conclusion

The upcoming hearings on September 9 before SAT and September 15 before SEBI’s WTM will be pivotal in deciding whether Jane Street gains access to the withheld documents. The outcome is expected to significantly influence the firm’s defence in the high-stakes case.

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