In its order, the regulator has listed out the gains made and the strategies employed by Jane Street to make those gains. These activities are dated between August 2023 to May 2025. Here’s a look at those activities:
- Jane Street employed an intra-day index manipulation strategy on August 31, September 13, September 20 and September 28, 2023, making gains worth ₹191 crore, ₹212 crore, ₹233 crore and ₹241 crore respectively.
- On October 4, 2023, Jane Street made unlawful gains to the tune of ₹163 crore by extended marking the close. Marking the close is a market abuse practice that involves manipulating the closing price of a security or financial asset to make a profit and avoid a loss.
- The intra-day index manipulation strategy was again employed by Jane Street on October 18, October 26, and December 6, 2023, along with January 3, January 17, March 6 and April 16, 2024, which resulted in gains worth ₹317 crore, ₹259 crore, ₹150 crore, ₹164 crore, ₹734 crore, ₹197 crore and ₹170 crore respectively.
- Jane Street employed the extended marking the close tactic on May 8, 2024, which resulted in unlawful gains worth ₹171 crore.
- Between May 15 and July 3, 2024, the intra-day index manipulation strategy was used by Jane Street, leading to unlawful gains worth ₹1,040 crore.
- On July 10, the extended market close tactic led to unlawful gains worth ₹225 crore for Jane Street and its entities. All of these trades highlighted above were carried out on the Nifty Bank.
- In addition to this, Jane Street also employed the extended marking the close strategy on the Nifty 50 index, which resulted in unlawful gains worth ₹370 crore.
“As recently as May 2025, the JS Group again resorted to undertaking prima facie manipulative “extended marking the close” trading patterns of large and aggressive intervention in index and constituent markets towards the expiry day closing, so as to influence and manipulate the index to their illegal advantage. The impugned trade in May 2025 are a cynical violation of the caution letter issued to the JS Group in February and of their own declarations made to the NSE in the same month,” the SEBI orders stated.Jane Street has contested the findings of the SEBI interim order and stated that it will engage with the market regulator with regards to this issue.
The SEBI order highlighted that Jane Street and its entities made a net profit of over ₹36,500 crore between January 2023 and March 2025.
