SEBI was on Jane Street case since April 2024, says former chief Madhabi Puri Buch

Former SEBI chairperson Madhabi Puri Buch on Tuesday said the markets regulator had identified and initiated numerous actions against Jane Street since April 2024, rebutting false narratives of regulatory failures.

The regulator took “numerous steps”, including identification of the index manipulation, issuance of circulars and caution letter to Jane street to cease and desist from undertaking certain trading patterns since April 2024.

“SEBI commenced an examination of the matter as early as April 2024 itself and took numerous steps including identification of the index manipulation, issuance of circulars and issuance of a caution letter to Jane Street to cease and desist from undertaking certain trading patterns between April 2024 and February 2025,” Buch said in a media statement.

During that period, SEBI constituted a multi disciplinary team of officials to examine the matter comprehensively which led to the detailed findings in the order, she said.

She pointed out that the interim order has clearly documented the sequence of events leading up to the issuance of the order. SEBI made various policy level interventions in October 2024 and also instructed NSE to issue a cease and desist letter to Jane Street in February 2025, she said.

“It is extremely unfortunate that certain sections of the media are choosing to ignore facts in plain sight and seeking to create a false narrative by implying that there was regulatory failure by SEBI,” Buch said.

In an interim order passed on Friday, SEBI has temporarily banned the US-based firm for market manipulation by influencing Bank Nifty’s expiry prices, and ordered impounding ₹4,844 crore in illegal gains.

Published on July 8, 2025