The Securities Appellate Tribunal (SAT) has adjourned the high-stakes hearing between US-based high-frequency trader Jane Street and the Securities and Exchange Board of India (SEBI). The next session is now scheduled for April 17, 2026. This delay follows a request for additional time to review regulatory responses submitted earlier this year. The dispute stems from a landmark interim order passed in July 2025. SEBI accused Jane Street of a sophisticated market manipulation scheme targeting the Bank Nifty index. The regulator alleged the firm used a two-pronged strategy: buying large quantities of constituent stocks to artificially inflate the index while simultaneously holding massive short positions in the derivatives market. SEBI initially imposed a trading ban and a massive fine of 4,844 crore rupees (approximately 570 million dollars) to disgorge what it termed "unlawful gains." While the US firm maintains that its actions were legitimate index arbitrage, it complied with the directive to deposit the full 4,844 crore rupees into an escrow account. Following this deposit, SEBI lifted the trading ban in late July 2025, though the firm reportedly remains cautious about resuming full operations. The legal battle has now shifted to the tribunal. Jane Street’s appeal challenges the regulator's findings and argues that it was denied access to critical documents used to build the case. The firm claims these materials are essential for its defense. Meanwhile, recent financial reports show Jane Street's India arm saw a six-fold surge in trading gains prior to the regulatory crackdown, reporting net trading profits of nearly 4,700 crore rupees in the 2025 fiscal year. Market observers are closely watching the April 17 hearing. The outcome will likely set a precedent for how high-frequency trading and arbitrage strategies are regulated in India’s rapidly growing derivatives market. For now, the 4,844 crore rupees remain under lien in favor of the regulator as the judicial process continues. [Jane Street vs SEBI SAT Adjournment](https://www.youtube.com/watch?v=udy7zSXEYxQ) This video provides a concise summary of the SAT's decision to adjourn the hearing and the background of the massive 4,844 crore rupee escrow deposit. http://googleusercontent.com/youtube_content/0