Sebi, Jane Street, Madhabi Puri Buch under Investigation for Market Manipulation – Rediff Money
Madhabi Puri Buch, a former chairperson of the Securities and Exchange Board of India (Sebi), addressed the media’s coverage of the Jane Street case in a recent statement. Buch highlighted the timeline of Sebi’s actions against Jane Street, emphasizing that the regulator had been actively investigating the matter since April 2024.
Buch expressed disappointment in the attempt to paint Sebi’s actions as a regulatory failure. She criticized the media for overlooking the facts and distorting the narrative surrounding Sebi’s handling of the case.
According to Buch, Sebi initiated its examination of the matter in April 2024 and took various measures to address the alleged market manipulation by Jane Street. These actions included identifying index manipulation, issuing warnings to Jane Street, and implementing policy interventions. In February 2025, Sebi instructed the National Stock Exchange (NSE) to send a cease and desist letter to Jane Street.
The recent order against Jane Street, released on a Friday, revealed that the hedge fund had resumed trading activities aimed at manipulating the market in May of this year. As a result, Sebi suspended Jane Street’s market access and seized over Rs 4,843 crore in gains. The investigation found that Jane Street had made a net profit of Rs 36,671 crore between January 2023 and May 2025 by engaging in manipulative trading practices across various market segments.
Market analysts noted that Sebi typically takes more than a year to complete investigations. During Buch’s tenure as Sebi chairperson, the regulator had been transparent about ongoing investigations and sought to expedite processes to minimize delays.
Overall, Buch’s statement underscored Sebi’s proactive approach in addressing market manipulation and emphasized the regulator’s commitment to maintaining the integrity of India’s capital markets. She urged the public to consider the facts and context of the situation before drawing conclusions about Sebi’s regulatory effectiveness.