India regulator ramped up Jane Street probe due to inadequate data, continued complaints, sources say By Jayshree P Upadhyay MUMBAI (Reuters) -India’s markets regulator launched a formal investigation into Jane Street’s trading practices even though its surveillance department had recommended otherwise, due to continued complaints from market participants, two sources with direct knowledge of the matter said. The Securities and Exchange Board of India (SEBI) also believed inadequate data was used in the initial probe into the U.S. high-frequency trading firm, the people said, amid fears it might have manipulated the country’s stock and bond markets. SEBI on July 4 temporarily barred the firm from local markets on allegations of market manipulation, which the company has denied. SEBI imposed a $567 million penalty on Jane Street, which the company has deposited. While it can restart trading in India, it has refrained from doing so, Reuters reported last month. On Wednesday, Jane Street filed an appeal before the Securities Appellate Tribunal (SAT) against SEBI seeking documents and data which led to the formal inquiry. The firm questioned why the regulator went against the advice of its own surveillance department that the inquiry against Jane Street should be closed and sought documents that supported the regulator’s change of stance. The appeal will be heard on Monday by the Tribunal. Emails sent to SEBI and Jane Street seeking comments were not answered. The firm had earlier declined to comment on its appeal. According to the two sources, SEBI’s top leadership was not satisfied with the robustness of the first examination concluded by its own surveillance department on December 11 and chose to initiate a formal investigation towards the end of December 2024, which gives it powers to seek data from the trading firm’s custodian bank and domestic trading partner. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. A formal investigation is a quasi-legal process under Indian regulatory rules, in contrast to an internal enquiry. According to Sumit Agrawal, a former SEBI official and founding partner of Regstreet Law Advisor, once a formal investigation is initiated any prior conclusions lose their weight, and the process begins anew. "Earlier determinations, whether favorable or adverse, are set aside in favor of an independent investigation," he said. The regulator had also continued to receive complaints from market participants of manipulation of India’s key indexes, the two people said. The firm in its appeal has sought copies of these complaints. One such complaint was filed by UAE-based options trader Mayank Bansal on December 17, who told Reuters that "communication between a market participant and the regulator is premised on confidentiality". The department which oversees India’s market regulation later that month recommended opening an investigation to bring finality to the matter, the first source said. SEBI tasked a new team with reviewing the firm’s trading activity over a much longer time frame than the trading data examined by its surveillance department. The data was also much more detailed, the two people said. While the regulator continued the investigation it issued a warning to the firm through Indian exchanges in February that it should refrain from taking large positions on days when derivatives contracts expire, according to regulator’s 4 July order. Price volatility can often spike around those expirations. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. But the firm’s trading performance on May 15 which earned it 3.7 billion rupees ($42.28 million) forced SEBI’s hand to pass an order, said the first source. ($1 = 87.5060 Indian rupees) Which stock should you buy in your very next trade? AI computing powers are changing the stock market. Investing.com's ProPicks AI includes dozens of winning stock portfolios chosen by our advanced AI. Year to date, 3 out of 4 global portfolios are beating their benchmark indexes, with 98% in the green. Our flagship Tech Titans strategy doubled the S&P 500 within 18 months, including notable winners like Super Micro Computer (+185%) and AppLovin (+157%). Which stock will be the next to soar?

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India regulator asks Air India for training data of pilots, dispatcher of crashed plane By Aditya Kalra and Abhijith Ganapavaram NEW DELHI (Reuters) -India’s aviation safety watchdog has asked Air India for the training records of the pilots and dispatcher for the plane that crashed last week as part of its investigation into the incident that killed at least 271 people, government memos showed. The Directorate General of Civil Aviation also asked all flying schools to conduct training compliance checks, according to the confidential memos, seen by Reuters. The DGCA said the requests were part of a "regulatory" review of the accident, and also sought details of action taken following the watchdog’s audits of Air India in the last few months. It asked for the details to be provided by Monday. It was not clear whether Air India had complied with the directive. The airline and the DGCA did not respond to Reuters’ requests for comment. The Boeing (NYSE:BA) 787-8 Dreamliner bound for London with 242 people on board began losing height seconds after take-off in Ahmedabad on Thursday before crashing into nearby buildings. Everyone on board was killed, bar a single passenger, along with about 30 on the ground. Sumeet Sabharwal, who the Indian government has said had 8,200 flying hours of experience and was also an Air India instructor, was the commanding pilot of flight AI171. His co-pilot was Clive Kunder who had 1,100 hours of experience. Sabharwal’s funeral took place in Mumbai on Tuesday. The watchdog requested for training details and supporting documents for the pilots, as well as for the flight dispatcher. The memo did not elaborate on the type of documents required, but accident investigations commonly look at a crew’s training and qualifications, flight history, medical records and any actions previously taken against them. The memo did not raise any concerns with Air India’s operations and some of the requests are standard in the aftermath of a major incident. Dispatchers are DGCA-certified ground-based airline employees whose role includes flight planning, assessing weather and airspace conditions, and coordination with the pilots. While the request for pilot training data was sent by the DGCA, the accident investigation is being led by another wing of the aviation ministry, the Aircraft Accident Investigation Bureau. Air India’s Chairman N. Chandrasekaran told staff on Monday the incident should be a catalyst to build a safer airline. The DGCA, through a separate memo dated June 16, also asked flying schools across the country to "strictly follow additional safety and operational measures." The regulator said instructors must check for compliance with procedures concerning training, maintenance and licensing, and coordinate flight plans with nearby airports in advance to ensure any emergencies are dealt with swiftly. "Compliance will be assessed during audits/surveillance," said the memo by the Directorate of Flying Training, reviewed by Reuters. Stephanie Pope, the head of Boeing Commercial Airplanes, visited Air India’s headquarters near New Delhi and met the airline’s chairman to discuss the crash, Reuters reported on Monday. The crash poses a new challenge for Air India, which the Tata Group bought in 2022 and has been trying to revamp, and Boeing, which is trying to rebuild public trust following a series of safety and production crises. In a June 13 memo headed "updating airport emergency plan", seen by Reuters, government-managed airports have also been asked to conduct a full-scale training exercise - typically an emergency drill - on June 30. Should you invest $2,000 in BA right now? ProPicks AI are 6 model portfolios created by Investing.com which identify the best stocks for investors to buy now. The stocks that made the cut could produce monster returns in the coming years. Is BA one of them?

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