The Congress on Tuesday hit out at the SEBI and the government for not taking timely action against US algorithm trading firm Jane Street for “stock market manipulation”.
Congress head of social media department Supriya Shrinate said Jane Street had in 2024 admitted in a US court it made $1 billion in India in 2023 from the Indian options market by exploiting “inefficiencies”. “By 2024, that amount grew to $2.3 billion, which was 11.2% of all the money it made around the world. But SEBI didn’t act on this information, it was only in February 2025 that SEBI issued a mild warning, a cautionary letter to Jane Street, warning against its questionable trading patterns. But the firm continued its manipulative trades till as late as May 2025,” Shrinate said.
Criticising SEBI, she said its “report shows that 93% of retail investors lost money in derivatives trading between FY2021 and FY2024”. “In FY2024 alone, 91.1% of traders lost Rs 52,400 crore,” she said. She said instead of protecting small investors, SEBI turned a blind eye to “rampant fraudulent activities”.
