Global trading firm Jane Street has filed a case against the Securities and Exchange Board of India (SEBI) in the Securities Appellate Tribunal (SAT), according to a Reuters report. The firm claims that SEBI has failed to provide the documents and data it is relying on to support its allegations of market manipulation.

This development puts focus on SEBI’s investigation practices and could have significant implications for transparency and due process in India’s capital markets. The case is being closely tracked by domestic brokerages such as Nuvama and large exchanges like the National Stock Exchange (NSE), given its potential impact on high-frequency and institutional trading frameworks.

The outcome of the SAT proceedings will determine not just the validity of SEBI’s claims, but also set a precedent on the regulator’s responsibility to disclose evidence in enforcement actions.