Indian capital markets are in the middle of the high-stakes between the Regulator market at SEBI and Global Trading Fird Jane Street.
A detailed 105-page Interim Order issued by SEBI has set serious allegations in market manipulation, especially with the bank’s re-option.
The command carries a shopping and asset freezing to freeze worth Rs 4,843 crore.
Here are 10 takeaways from the case:
1. RS 43,289 crore obtained from index options (Jane’s largest profit center
Between January 2023 and March 2025, Jane Street Group makes a total net gain at Rs 36,502 crore of NSE that Rs 43,289 crates have index options.
2. Bank Well Expiring Bank Trades Under Lens-Rs 17,319 Crore Gains
Sebi knows that Rs 17,319 crore – about 40 percent of index options – from centromated Indian choices in indi
3. Rs 734 crore profits on a day-17 January 2024 most useful
On 17 Jan 2024, Jane Street bought Rs 4370 crore banking stocks and morning fonures (creating a stared market from pro-determined pre-determined choices.
4. Sebi considers index manipulation using two different ways:
Intra-Day Index Manipulation: Purchase to raise prices in the morning, then sell all Japanese to cash in choices.
Extended to mark closely: Sell a large number before the market ending in the price of settlement price.
5. Said illegal earnings of Rs 4,843 crore-only from bank choices
While total gain is higher, Sebi is frozen at Rs 4,843 crore of allegedly unlawful victories. This amount can rise as investigations continue to other trades and indices.
6. India is now the world’s largest derivatives market
Up 125 billion contracts NSE sold to FY24, Indian segment is the largest world. This liquidity makes the bank well an ideal target-ban-ban options alone can see participation from over 16 traders in the lakh.
7. The traders of the retailer are on the absence of the side Rs 1.05 lakh crore of fy25 losses
FY25 study of FYI25 by SEBI shows Retail traders suffered Rs 1,05,603 crore to net loss, up 41 percent from FY24. Over 91 percent to Equity Derivatives traders who have become a loss, development of concerns regarding equitable access to markets.
8. Jane Street denies wrong calls in cases of Sebi’s Sebi’s Phreslammatory ‘
In an internal memo, Jane Street told employees only this “basic index trading” and prepared a formal response. The company said it tried to participate in SEBI since February 2025, but “changed.”
9. Many companies can come under Sebi Scanner
Sebi named four Jane’s street entities:
Jane Street Singapore Pte. Ltd.
Jane Street Asia Trading Ltd.
Pvt investments. Ltd.
Jsi2 investment pvt. Ltd.
While no other companies are named, Sebi’s language suggests wider examination of the day’s expiry of other entities.
10. What is next: Criminal cases or regulatory action?
At this time, Sebi’s action was made under PFUTP (inhibition of fraudulent and unfair trade behavior) framework and an internal command, not a criminal. Depending on the final findings, Jane Street can be sent to return any profits made, fine, or put.
Industry keepers call for further monitoring, explanation of expiry rules, and maybe a dedicated body for viewing high-frequency strategies.
Last thought
The case of Jane Street is not just about trading of a company – about Indian options at one time the retailer at all time to supply. While the case continues, it can be harmful implications of how the sun’s expiry strategies, algo surveillancors are governed by the entire Indian exchange.
