SEBI tells SAT Jane Street document bid is a delay tactic
In short
SEBI told the tribunal that Jane Street’s request for more documents is only a delay tactic. In court, SEBI’s lawyer used the phrase “ulta chor kotwal ko daante” while arguing that Jane Street should explain its trading strategy.
This matters because the case involves market-manipulation accusations. The reporting does not say how the tribunal will rule or what documents, if any, will be given.
What the reporting says
SEBI told the Securities Appellate Tribunal that Jane Street Group’s request for additional documents is a delaying tactic, according to publisher summaries. Senior Advocate Gaurav Joshi opened arguments for SEBI and used the Hindi proverb “ulta chor kotwal ko daante” while saying Jane Street should explain its trading strategy amid market-manipulation accusations. The immediate consequence is a sharper dispute in the tribunal, while the underlying manipulation case remains unresolved in the available reporting.
Why it matters
SEBI is pressing its case before the Securities Appellate Tribunal by arguing that Jane Street Group’s document request is delaying matters. The regulator wants the firm to explain its trading strategy as part of the market-manipulation dispute. The immediate effect is a more combative hearing, but the reporting does not state the tribunal’s response or any final decision.