The Financial Times recently interviewed Mr. Sumit Agrawal, Founder of Regstreet Law Advisors and former SEBI officer, in its story on SEBI’s interim order against global trading firm Jane Street.
In a case that has drawn significant global attention, SEBI has alleged market manipulation involving BANKNIFTY expiry trades, impounded over USD 550 million, and temporarily restrained trading activities.
Speaking to the Financial Times, Mr. Sumit Agrawal commented:
“𝘛𝘩𝘦 𝘰𝘳𝘥𝘦𝘳 𝘪𝘴 𝘧𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺 𝘦𝘹𝘵𝘦𝘯𝘴𝘪𝘷𝘦 𝘢𝘯𝘥 𝘤𝘭𝘦𝘢𝘳𝘭𝘺 𝘴𝘪𝘨𝘯𝘢𝘭𝘴 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘶𝘯𝘦𝘢𝘴𝘦 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘵𝘳𝘢𝘥𝘪𝘯𝘨 𝘤𝘰𝘯𝘥𝘶𝘤𝘵 𝘰𝘣𝘴𝘦𝘳𝘷𝘦𝘥 𝘢𝘳𝘰𝘶𝘯𝘥 𝘦𝘹𝘱𝘪𝘳𝘺.”
He further noted that proving market manipulation under Indian securities law will require SEBI to meet a high legal threshold, as aggressive expiry-day trading alone, absent intent or deception, does not automatically qualify as manipulation. The case marks a significant development in India’s evolving approach to algorithmic and high-frequency trading.
Mr. Agrawal had earlier shared his views with businessline and Mint on the legal and regulatory dimensions of the case. Those perspectives are available here:
Financial Times article: https://lnkd.in/gQ77gyU9
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