Jane Street said on Monday that it has requested more time to reply to an interim order from India’s markets regulator SEBI alleging it manipulated Nifty and Bank Nifty indices.
The Securities and Exchange Board of India (SEBI), in an interim order on July 3, barred the US trading firm from trading securities in the Indian market, saying some of its trading strategies were manipulative and led to losses for retail investors.
The board had given Jane Street 21 days to respond.
Jane Street sought extension because it needs more time to rebut the allegations about its trades, a source aware of the matter said on condition of anonymity as they are not authorised to speak to the media, reported Reuters.
Trading restrictions lifted
SEBI, however, had lifted the trading restrictions on Jane Street last week after the firm deposited ₹4,840 crore”> ₹4,840 crore, giving the regulator rights over the money.
The company is continuing to not trade in the Indian market despite the regulator’s go-ahead.
“The firm’s strategies always include trading in options along with cash market. Since the firm had given an undertaking to SEBI that it will not trade in options, it is not trading cash as well,” a source aware of the matter told Reuters.
