Jane Street Vs SEBI case shifted to September 9 in SAT

Jane Street case shifted to September 9 from Monday in SAT

The Securities Appellate Tribunal (SAT) will now hear Jane Street Group’s case on September 9, instead of September 8. A notification on the SAT website stated, “The cases listed for hearing on 8th September 2025 will be taken up on 9th September 2025.” The change followed the Maharashtra Government’s revision of the holiday calendar and a circular from the Central Government Employees' Id-e-Milad Welfare Co-ordination Committee, which declared 8th September 2025 a holiday in place of 5th September 2025 for Mumbai City and Mumbai Suburbs. Legal sources confirmed the rescheduling.

The matter was earlier fixed for September 8 and was last mentioned before the tribunal on September 3. As per documents seen by Moneycontrol Jane Street has filed an appeal before SAT seeking directions to SEBI to share documents, emails, and notes relied upon in the investigation that formed the basis of the case against it. A related hearing is also scheduled before SEBI’s Whole-Time Member (WTM) on September 15. Ahead of that, Jane Street has sought access to the documents to prepare its defence. In its prayer, Jane Street Sought directions to SEBI to not take any further action in the case till the disposal of the appeal.

SEBI had earlier denied access on August 7, saying there was “no reference of the said documents/correspondences in the Interim Order.” A second request on August 14, 2025, was also rejected, with SEBI stating that the material contained “third-party data” and was confidential.

Jane Street has alleged that withholding these documents amounts to suppressing crucial information that goes to the root of the case and violates principles of natural justice. The firm also claimed that SEBI’s surveillance department and the NSE found no evidence of manipulation, but an interdepartmental team was formed on December 31, 2024, with a “pre-determined motive” to build a case against it—without understanding its trading strategy or rationale.

In its interim order dated July 3, SEBI had accused Jane Street of manipulating index options using its financial strength and technological edge. The regulator directed the firm to deposit ₹4,843.5 crore in a separate account with a lien in SEBI’s favour. Jane Street complied on July 11. SEBI later lifted restrictions on the firm, while directing exchanges to closely monitor its trades.