US-based trading firm Jane Street has challenged SEBI’s July order banning it from Indian markets and freezing ₹4,844 crore. SEBI alleged the firm manipulated Bank Nifty index options to earn ₹43,289 crore. Jane Street told the Securities Appellate Tribunal that SEBI withheld key documents, including a December 2024 report that found no conclusive proof of wrongdoing.