Jane Street has filed its first legal challenge before the Securities Appellate Tribunal (SAT), contesting Sebi’s 3 July interim order that accused the firm of manipulating the Bank Nifty index. At the heart of the fight is a stark question: did the regulator withhold crucial evidence? Jane Street argues that Sebi denied access to complete reports from both NSE and Sebi’s own Integrated Surveillance Department (ISD). Interestingly, ISD’s December 2024 analysis—reviewed by Mint—had found “no evidence” that Jane Street’s trades distorted the index. Why, then, did a later Sebi team conclude the opposite? The appeal highlights that in 48 out of 53 time periods examined, Jane Street’s trades showed no sign of manipulation, and the remaining five showed negligible impact. Yet, Sebi’s order barred the firm from Indian markets unless it parked ₹4,843 crore in escrow—money Jane Street has already deposited. Now, Jane Street wants SAT to force Sebi to share the missing data, saying fair defence requires full disclosure. The bigger intrigue: is this a battle about index manipulation, or about how India’s markets are regulated? Read the full report by Neha Joshi and Priyanka Gawande. Market WatchMarkets closed at the day’s high, with the Sensex rising 410 points to 80,568 and the Nifty gaining 135 points to 24,715, led by optimism over a potential GST slab rationalisation. Most sectors ended in the green, Nifty Bank surged 407 points, and midcaps added 368 points, while the rupee settled slightly stronger at 88.07/$ and market breadth stayed firm at 2:1. Click here to know the factors that moved the market today. Premium readsOptions trade shows no smooth sailing for bulls yet amid rising tariff tensions Mint Explainer: Why profiteering fears resurface as GST reforms enter second phase Now, Bridgestone sues bankrupt Go First over 1,400 missing tyres Can Asian Paints’ battered stock regain its former glory? Get a head start on tomorrow’s Print editionMint News: Public sector banks pay more than private peers. That’s until you reach the top Plain Facts: In charts: What’s behind the slowdown in air passenger traffic? Mark to Market: JK Cement stock’s flawless run faces its next big test Mint Money: From Dubai to London: An Indian’s playbook for global real estate investments Sneak a PeekLong Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in the morning edition. Kota has waned. Can Allen reinvent itself? The test-prep company is venturing into schooling and higher education while trying to gain a foothold in digital education. Trending Today! Shilpa Shetty’s Bastian bids goodbye Bollywood actress Shilpa Shetty has announced the closure of her upscale Bandra restaurant, Bastian, this Thursday, calling it “the end of an era.” While she linked it to a farewell celebration for patrons, the timing coincides with a ₹60 crore cheating case filed against her and husband Raj Kundra. Their lawyer has dismissed the charges as baseless. Though Bastian Bandra shuts its doors, the brand will continue through its Dadar outlet, Bastian At The Top. Love a Mint story? Here's how to support it.Do you have a favourite writer at Mint? Every day, we strive to publish stories that need to be told, and your digital subscription makes all the difference. It tells us we’re on the right track and helps us continue delivering the in-depth journalism you rely on. If you’re not yet a subscriber, now’s the perfect time to join! Starting today, many of our staff writers are sharing special, personalized discount coupon codes. So if there's a Mint writer whose work you admire, reach out to them on social media or via email and ask for their unique coupon code! (And if you're already a subscriber, a quick note telling them you appreciate their work would still make their day!) Note: The coupon codes are available only with in-house writers, and not our external columnists. If your request for a code fails, please write to me at shravani.sinha@livemint.com. Thanks for reading! Edited by Rashmi Sanyal. Produced by Shad Hasnain.
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