Former SEBI Chairperson Madhabi Puri Buch has come forward to refute claims that the regulator delayed action in the high-profile Jane Street case, clarifying that the investigation was initiated well over a year ago under her leadership.

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SEBI’s Probe Began in April 2024, Says Buch Multi-Team Investigation Uncovered Manipulation Pushback Against Media Narratives

In a strongly worded press statement released on July 8, Buch addressed growing criticism and what she called a “false narrative” surrounding SEBI’s role and timeline in the case.

SEBI’s Probe Began in April 2024, Says Buch

Buch revealed that SEBI began its investigation into Jane Street as early as April 2024, contrary to claims that the regulator was caught off guard.

She emphasized that the interim order issued on July 3, 2025, which runs over 105 pages, clearly outlines the timeline and steps taken by the regulator to scrutinize Jane Street’s trading activity.

“The interim order has clearly documented the sequence of events,” said Buch, adding that SEBI’s actions were proactive, structured, and based on concrete findings.

Multi-Team Investigation Uncovered Manipulation

The former SEBI chief stated that the regulator formed a multi-disciplinary team to examine Jane Street’s trading structures and patterns, focusing on expiry-day trades in index derivatives.

Between April 2024 and February 2025, the team worked to identify potential signs of manipulation. Buch also noted that SEBI had taken internal measures during this time, including:

Issuing policy circulars
Directing the NSE to send a cease-and-desist notice to Jane Street in February 2025, months before the final order was made public

Pushback Against Media Narratives

Buch took particular aim at sections of the media that, she said, misrepresented SEBI’s efforts by suggesting that the regulator was slow or unprepared.

She described this as a “false narrative of regulatory failure,” and clarified that SEBI had been working quietly but actively behind the scenes.

This public rebuttal is a rare move by a former SEBI chairperson, indicating the seriousness of the claims and the need to protect the credibility of the regulator.

With her statement, Madhabi Puri Buch has shed new light on the behind-the-scenes developments in the Jane Street case, reinforcing that SEBI had acted well in advance of the interim order.

As the case unfolds further, this clarification could play a key role in restoring investor trust and ensuring confidence in SEBI’s oversight framework.