Former SEBI Chairperson Madhabi Puri Buch on Tuesday rejected media claims suggesting a regulatory failure in the ongoing investigation into Jane Street. The New York-based hedge fund behemoth has been accused of market manipulation in India.In a detailed written statement, Buch highlighted that SEBI had been actively investigating the matter since April 2024, emphasising a clear timeline of regulatory actions taken against Jane Street. She criticised attempts by some media outlets to paint a misleading picture of SEBI’s handling of the case.
“It is extremely unfortunate that certain sections of the media are choosing to ignore facts in plain sight and seek to create a false narrative by implying that there was regulatory failure by SEBI,” Buch said.
Buch outlined that SEBI initiated its probe into Jane Street’s activities early last year, identifying suspicious index manipulation patterns.
Between April 2024 and February 2025, SEBI issued circulars and a cautionary cease-and-desist letter to Jane Street, instructing the hedge fund to halt specific trading behaviours.Further policy measures were introduced by SEBI in October 2024, culminating in an official directive to the NSE in February 2025 to issue a formal “cease and desist” order against Jane Street.
“It is extremely unfortunate that certain sections of the media are choosing to ignore facts in plain sight and seek to create a false narrative by implying that there was regulatory failure by SEBI,” Buch said.
Buch outlined that SEBI initiated its probe into Jane Street’s activities early last year, identifying suspicious index manipulation patterns.
Between April 2024 and February 2025, SEBI issued circulars and a cautionary cease-and-desist letter to Jane Street, instructing the hedge fund to halt specific trading behaviours.Further policy measures were introduced by SEBI in October 2024, culminating in an official directive to the NSE in February 2025 to issue a formal “cease and desist” order against Jane Street.
Despite these interventions, the regulator’s recent order revealed that Jane Street resumed manipulative trading in May 2025, prompting SEBI to take stricter action.
According to the order issued last Friday, Jane Street was found guilty of manipulating indices by simultaneously placing trades across cash, futures, and options markets to generate illicit gains.
The market watchdog has since suspended Jane Street’s access to Indian markets and impounded over ₹4,843 crore, the amount gained through manipulation.
The investigation also revealed that the hedge fund made a net profit of ₹36,671 crore between January 2023 and May 2025.
