The Securities and Exchange Board of India (SEBI) has banned U.S.-based investment firm Jane Street from Indian securities markets for manipulating stock indices and unlawfully earning 4,843 crore rupees. In an order issued yesterday, SEBI shared details that the Jane Street Group manipulated index levels through aggressive buying and selling of key Bank Nifty and Nifty 50 constituent stocks, thereby influencing options pricing to generate substantial profits.
SEBI has ordered that the group open an escrow account in a scheduled commercial bank to transfer the money unlawfully earned and has directed banks, depositories and other market institutions not to debit money into the accounts of J.S. Group without SEBI’s permission. J.S. Group entities have been given 21 days to respond.
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