SEBI bars Jane Street from securities market over ₹4,843 crore illegal gains: How the saga unfolded — A timeline
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The disgorgement amount that SEBI has listed might be the highest one it has ever directed.
The Jane Street (JS) Group has come under Sebi's scrutiny for allegedly manipulating index levels in the stock market to earn illegal profits. The company did it primarily with the highly liquid Bank Nifty and Nifty index options segments.
SEBI had launched an investigation into Jane Street early last year. Here is a timeline of the events.
April 2024 Jane Street sues two US employees for allegedly stealing confidential prop trading strategies that were being used in India, earning the company $1 billion during the previous year.
SEBI analyses based on Jane Street dispute for unauthorised use of proprietary trading strategies in Indian markets.
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Also Read | SEBI bans Jane Street: List of Indian stocks that US firm targeted
May 2024 The two ex-employees countersue Jane Street, claiming they led the India options trading strategy and turned the business huge in the country.
US Court gives Jane Street a May deadline to list details about the trade secrets that were allegedly stolen. July 2024 US judge junks counterclaims, backs Jane Street saying that it did not file the complaint in bad faith.
In India, SEBI asked NSE to examine the trading activity of Jane Street inside the country to ensure no market abuse was involved.
August 2024 SEBI talks to Jane Street in late August, group submits details in writing about its options trades. October 2024 SEBI issues a circular separately to announce F&O curbs for retail traders; markets affected. November 2024 NSE submits its response to SEBI, following its conclusion of the investigation into the Jane Street Group December 2024 Jane Street settles its lawsuit in the US without disclosing the terms of the agreement.
SEBI, alarmed by the abnormal volatility on weekly index options on expiry days, notices Jane Street's large risk positions in the F&O segment. It forms a team to further examine the issue.
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Also Read | Sebi cracks down on Jane Street over alleged option rigging
February 2025 SEBI team finds Jane Street violated Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations.
NSE sends a cautionary letter to Jane Street on SEBI's instructions and advises it to avoid taking large cash-equivalent position as well as certain trading patterns.
Jane Street replies to NSE's letter. May 2025 NSE tells Nuvama Wealth, Jane Street's India trading partner, that it had closed the investigation following the reply, as per a Bloomberg report.
Jane Street continues to run very large cash-equivalent positions in index options, despite NSE's letter and its reply. July 2025 SEBI releases interim order, asks Jane Street from accessing markets over
₹ 4,843 unlawful gains
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