sebi:WTM/AN/MRD/MRD-SEC-3/31516/2025-26
Provisions invoked
- s. 11B
- s. 19
- s. 12A
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 3(b)
- SEBI (PFUTP) Regulations, 2003 — 3(c)
- SEBI (PFUTP) Regulations, 2003 — 3(d)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(a)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(e)
Parties
- Jane Street Asia Trading Limited
- JSI2 Investments Private Limited
- JSI Investments Private Limited
- Jane Street Singapore Pte Limited
Holding
On a prima facie basis, the Jane Street Group engaged in intra-day BANKNIFTY index manipulation on January 17, 2024 by supporting the index in the morning while building large bearish index options positions and then depressing the index by reversing cash and futures positions.
Full text
Interim Order in the matter of Index manipulation by Jane Street Group Page 2 of 105 “Intra-day Index Manipulation” Strategy – Analysis of trading on January 17, 2024 as a sample........................................................................................ 12 “Extended Marking The Close” Strategy ....................................................... 51 CONTINUING VIOLATION & DISREGARD FOR REGULATORY CAUTION ........ 68 ALLEGED VIOLATIONS of SEBI ACT AND PFUTP REGULATIONS ................... 87 COMPUTATION OF ILLEGAL GAINS .................................................................... 94 NEED FOR INTERIM DIRECTIONS ........................................................................ 96
Interim Order in the matter of Index manipulation by Jane Street Group Page 3 of 105 Date Event far the largest risks in ‘cash equivalent’ terms in F&O particularly on expiry days.
Interim Order in the matter of Index manipulation by Jane Street Group Page 4 of 105 Limited, a regulated entity under the Hong Kong Securities and Futures Commission. Each of these entities is a wholly owned subsidiary of Jane Street Group, LLC.2
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Source: SecMarx — sebi:WTM/AN/MRD/MRD-SEC-3/31516/2025-26. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.