Sebi had to act in the interim stage, order speaks for itself: Tuhin Kanta on Jane Street saga

The SEBI chairman further said that the regulator and the exchanges are looking at this matter as a surveillance issue.

Securities and Exchange Board of India (Sebi) chairman Tuhin Kanta Pandey said on July 7 that in the matter related to global quant trading major Jane Street, the capital market regulator has all the powers to act against manipulative and fraudulent activities, and the interim order speaks for itself.

When asked whether there is a need to have more regulations to act against such entities, Sebi chairman said the need is for enforcement and surveillance rather than more regulations.

"Within the regulations only we have bought it. So, regulations remaining the same it is the enforcement and surveillance that can actually help. Excess regulations does not mean excess regulation. Those are two different things," said Pandey.

He further highlighted the fact that a great deal of analytical work went into the Jane Street order, though manipulative activities are done in many ways. Read More

"...manipulative practices can be worked out by different players in different ways. There is no one particular way in which you have to assess... our PFUTP Regulations very clearly mentions that manipulative and fraudulent practices are not allowed in the market and within the regulations SEBI has all the powers to investigate and act," said Pandey.

The Sebi chairman further said that the regulator and the exchanges are looking at this matter as a surveillance issue.

"...obviously surveillance both at exchanges level and SEBI level will continue, and we will also upgrade those surveillance measures," said Pandey.