Won’t tolerate market manipulation: SEBI Chairperson

Mumbai: The Securities and Exchange Board of India (SEBI) Chairperson Tuhin Kanta Pandey on Saturday said that the regulator will not tolerate market manipulation, a day after US trading entity Jane Street and three of its related entities were barred from accessing the market.

The SEBI chief, speaking to the media here, said the capital markets regulator has also enhanced surveillance of such illegal practices. “Market manipulation is not going to be tolerated,” he added.

Addressing an event organised by the Bombay Chartered Accountants Society, Pandey said transparency in disclosing related party transactions, managing conflicts of interest and presenting material developments in a timely manner are “non-negotiable responsibilities” for the CAs.

“You have a critical responsibility to ensure that corporate governance is not reduced to a checklist,” he said, adding that too much of compliance adds to a big compliance burden and “we would also like to see wherever we have the possibility of doing better results with less compliance”.

SEBI barred US trading entity Jane Street and three of its related entities from accessing the market, directing them to deposit illegal gains of Rs 4,843.5 crore in an account in favour of the markets regulator.

In its order, the regulator also directed a debit freeze on the bank accounts of these entities, which include JSI2 Investments Private Ltd, Jane Street Singapore Pte. Ltd and Jane Street Asia Trading Ltd. According to the SEBI order, Jane Street earned Rs 43,289.33 crore in profits through trading in index options on Indian exchanges between January 1, 2023, and March 31, 2025.

The market regulator passed the order as part of enforcement action. It applies to all Jane Street Group entities operating in India and restricts their ability to trade or participate in any market-related activity.

Jane Street has disputed the findings of SEBI’s interim order and said it will further engage with the regulator.

—IANS