Former SEBI Chairman Madhabi Puri Buch
Former chairperson of SEBI (Securities and Exchange Board of India), Madhavi Puri Buch has dismissed the allegations of laxity on SEBI in the Jane Street case. He has also accused some media companies of spreading false story. Buch says that the investigation of Jane Street was going on since April 2024 and Sebi SEBI took a tough action in the matter in time.
Sebi’s nickel on Jane Street
Madhavi Puri Buch revealed in a press statement on 8 July that SEBI started an investigation against Jane Street in April 2024. For this investigation, SEBI had formed a special multi-disciplinary team, which was searching for every close trading of Jane Street. Buch said that SEBI issued an interim order of 105 -page on 3 July 2025, in which Jane Street was accused of disturbing the index derivatives. It is clearly written in this order that SEBI took what steps.
What happened when? Full timeline
Buch made it clear that SEBI worked hard for a year in this matter. From April 2024 to February 2025, Sebi took several big steps. First, SEBI caught the possibility of manipulation in the index. Then, it was investigated deeply. Sebi also issued several policy circulars during this period so that the rules could be more strict to stop such disturbances in the market. Not only this, in February 2025, SEBI ordered the National Stock Exchange (NSE) to send notices to Jane Street to stop and stop. This notice was warned to Jane Street that he should stop his actions. Buch said, we took every step on the basis of thoughtfully and evidence. This was not an overnight decision.
Strict decision of SEBI
On 3 July 2025, SEBI took a big action against Jane Street and its Indian company JSI Investment Private Limited. SEBI completely stopped both of them from doing trading in the Indian stock market. Also, SEBI ordered Jane Street to return the amount of Rs 4,840 crore (about 560 million dollars). SEBI’s order stated that Jane Street through its Indian unit introduced intraday trading in the cash segment, which is not allowed for foreign portfolio investors (FPIs). The aim of these trades was to incorrectly affect the prices of options on expiry day. Butch said, this was not a small case. SEBI closely examined the complex trading structure and data, then took action.
Jane Street Case will change the market
The Jane Street case has become one of the largest and popular cases in SEBI history. This case has shaken the entire stock market. Experts believe that the effect of this action will last long. Especially on derivatives trading and algorithmic strategies, SEBI rules can now be more strict. This will increase transparency in the market and will strengthen the trust of investors.