Jane Street Tells Indian Tribunal It Has No Motive to Delay SEBI Manipulation Probe

The reputational argument is the crux: a firm that has already paid a penalty and is not currently trading in India has little to gain from delay, which puts the burden on SEBI to show why the probe still needs to run. The order-log request is the more consequential thread, since it turns the case into a dispute over intent — execution of existing instructions versus creation of new demand — and that distinction is what typically separates aggressive trading from manipulation. Whether the tribunal grants that access, and how SEBI frames the intent question, is the open issue.