Jane scandal News
The Jane Street scandal is not only indicative of a regulatory failure but about the tenure of former SEBI chairperson Madhabi Puri Buch, her decisions, and the serious allegations of 'personal interest' against her.
Jane Street manipulated the Bank Nifty on 17 January 2024, profiting Rs 734.93 crore in a single day. The firm allegedly first created the illusion of a market rally by purchasing Rs 4,370 crore worth of stocks and futures, prompting retail investors to jump in.
The market watchdog--headed by Tuhin Kanta Pande, who took charge in March after his predecessor left office the previous month--seized $567 million (Rs 4,843 crore) of its funds, saying an investigation found it manipulated stock indices through positions taken in derivatives.
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