Mumbai, July 11: Alleged regulatory failure never promoted Jane Street’s illegal acts in India thriving market manupultion said Ex-SEBI Chief Madhabi Buch following a lot of fingers was pointed towards her role in the office.
Buch affirmed that it was not a regulatory failure due to which US-based algo trading major Jane Street thrived with its alleged illegal acts in India for years.
On Tuesday, Puri Buch issued a statement saying it was in April 2024, when the SEBI Authorities had formed a multidisciplinary team to look into the illegal affairs of the Jane Street Capitals and report.
Buch responded to the statement that alleged "many erroneous or unsupported assertions" gave impetus to the US Company’s monopoly and immoral trading activity in the country, and strongly refuted the theory.
The trading firm said it strongly rejected "the premise and substance of (Sebi's) order", and said the markets regulator was "fundamentally mistaken" about its trades, reports noted.
Jane Street also said its trading activities were "unambiguously good for growth of financial markets".
Puri Buch, in one of her written statements, said that the "identification of index manipulation by Jane Street Capitals and initiation of numerous actions by SEBI was taken including a cease & desist instruction. The actions were carried out by Sebi between April 2024 and Feb 2025."
Meanwhile, Puri Buch left her office on February 28, 2025 after completing her three-year term successfully.
On July 3, that is more than a year after it started investigating Jane Street's affairs in India, the SEBI banned the US based algo trading major and three of its arms outst from the Indian market.
Apart from it, the SEBI also asked Jane Street to disgorge nearly Rs 4,850 crore that it sees as ill-gotten profit.
"Right from April 2024, the SEBI was seized of the matter relating to the Jane Street group and took numerous steps to examine and investigate the extremely complex structures and strategies deployed by them and to verify and analyse the data”, Buch said.
