Mumbai (Maharashtra) [India], July 14 : American proprietary trading firm Jane Street Capital deposited approximately Rs 4843.50 crore in an escrow account and requested market regulator, the Securities and Exchange Board of India (SEBI) to allow them to resume trading in the Indian stock markets.
On Monday, SEBI stated through a press release that Jane Street has deposited the alleged illegal gains and asked for them to be allowed to trade.
"They (Jane Street) have further stated that this action has been undertaken by them without prejudice to their rights and remedies which remain available to them in law and equity," the market regulators said in a release.
According to SEBI, the request by Jane Street is currently under examination in accordance with the directions of the interim order. Additionally, the company further said that the action taken by the company doesn't affect their right to pursue any other legal avenue.
"Jane Street has further requested SEBI that, following the creation of this escrow account in compliance with SEBI directions, certain conditional restrictions imposed under the interim order be lifted and that SEBI issue appropriate directions in this regard," the SEBI said.
Earlier, SEBI on an interim order has asked to impound highest ever illegal gains of Rs 4843.57 crore from Jane Street Group for index manipulation of the bank Nifty Index mainly on expiry days.
SEBI in its order said that Jane Street through has done this intra-day Index manipulations on many occasions to affect market sentiments and mislead a large number of retail investors who traded on the basis of manipulated price signals in the underlying index and making huge profit for the company.
Given the gravity of violations and ongoing disregard for regulatory warnings, SEBI passed the interim order of impounding illegal gains and restricting Jane Street from trading in the Indian markets.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor