In light of the Jane Street case, the Indian National Congress (INC) on Tuesday raised serious questions about the credibility of market regulator SEBI and the BJP-led central government. The spokesperson Supriya Shrinate spoke at length about the various serious lapses highlighted in the system in light of the Jane Street scandal. The press conference comes days after the country's market regulator barred US-based high-frequency trading firm from Dalal Street indefinitely and seized $567 million (Rs 4,843 crore) of its funds over suspected derivatives-related market manipulation.

Here are highlights of what the INC spokesperson said: 

• We want to talk about a serious and people-related matter
• It is a bit complex and technical
• But it clearly highlights lapses in the central government, highlighting the repeated collapse of major institutions under the Narendra Modi government  
• These institutions are meant to protect the public
• The worst hit is SEBI
• Algo-trade operator Jane Street operated illegally in the spot and derivatives segments on Dalal Street
• The US-based firm was operating in both segments at once, rigging the system
• The way big companies have duped the common people of their money under the nose of institutions like SEBI, it is noteworthy

• Crores of rupees of retail investors' money was involved 
• SEBI is celebrating seizing Rs 4,843 crore of illegal profits
• This period only takes into account 18 trading sessions (between January 2023 and March 2025) 
• But this is clearly just a fraction of the money involved
• Illegal gains actually amount to Rs 44,000 crore, that too during this period
• We don't know the exact expanse and magnitude of the wrongdoing
• We don't know how much of illegal profits it made during this period (also given Jane Street continued to trade till May)
• It operated in both cash and derivative segments
• High trading volumes (involved in the practice) impact the underlying asset (explaining 'marking the close' strategy)
• While doing so, Jane Street operated in derivative contracts to earn illegal gains 
• Marking the close is illegal in India as well as across the globe
• This is stock manipulation, a punishable offence  
• Estimates suggest that 93 per cent of small investors were impacted due to these illegal practices
• In 2024, Jane Street told a US court that inefficiencies in the Indian markets allowed it to earn $1 billion annually 
• SEBI chose not to act then
• In February 2025, SEBI issued a cautionary letter to Jane Street flagging suspicious trading patterns 
• The firm continued to trade until as late as May 2025 
• It continued to hurt retail investors
• Small investors have been duped of their hard earned money  
• SEBI and Centre neglected the problem 
• Several questions arise out of this ordeal
  • Who allowed Jane Street to operate in India in the first place?
  • When illegal gains were being made, who allowed it to take these funds back to the US? Was it from SEBI, NSE, the PMO, or the Finance Ministry?
  • Under whose watch was Jane Street operating? 
  • What is SEBI celebrating (clearly, its recoveries are mere one-tenth of the actual amount)?
  • Did the scam happen at the patronage of the Centre and SEBI?