How Sebi’s crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings

Apr 2024 – Sebi flags Jane Street after US media reports suggest misuse of its trading strategies in Indian markets.

Jul 23, 2024 – Sebi asks NSE to examine Jane Street’s trading activity for possible market abuse.

Aug 2024 – Sebi meets Jane Street; firm submits a written response on August 30.

Oct 1, 2024 – Sebi issues policy changes to curb aggressive expiry-day trading.

Nov 13, 2024 – NSE submits its report on Jane Street’s trading to Sebi.

Dec 2024 – Sebi launches a deeper probe citing abnormal index volatility and unusually large expiry-day positions.

Feb 4, 2025 – Sebi finds prima facie violations of PFUTP rules by Jane Street.

Feb 6, 2025 – NSE issues a caution letter to Jane Street entities; firm replies on Feb 6 and 21.

May 2025 – Sebi observes continued aggressive trading patterns by Jane Street despite warnings.

Jul 4, 2025 – Sebi bans Jane Street from Indian markets, freezes Rs 4,840 crore, and exposes manipulative expiry-day trading strategies.