Between January 2023 and March 2025, global trading giant Jane Street Group allegedly exploited India’s derivatives markets with a high-frequency strategy that SEBI now calls manipulative and unlawful. The firm’s profits from these trades? ₹4,843 crore—just part of the ₹43,289 crore it reportedly made in India during the period. Jane Street’s operations in India were spread across three registered foreign portfolio investors (FPIs): Jane Street Asia Trading Limited (JSATL), Jane Street India Trading Private Limited (JSITPL), and Jane Street Asia LLC (JSALLC). On paper, these were separate legal entities.
But SEBI’s investigation concluded that they acted as a single group under common control, executing synchronized trades with near-perfect coordination. SEBI found that these entities routinely took opposite positions in index derivatives—especially Nifty and Bank Nifty futures and options. One Jane Street entity would buy, while another sold, the same contract, at the same price and the same time. Listen in
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