Global proprietary trading firm Jane Street has deposited over Rs 4,843 crore (around $567 million) in an escrow account, in compliance with the Indian capital market regulator's July 3 interim order.
The trading giant has also asked the Securities and Exchange Board of India (SEBI) to lift the conditional restrictions imposed under the order, the regulator said in a statement.
According to a Reuters report, the conditions include allowing the resumption of trading in the Indian markets.
The regulator said that the request is under examination.
Jane Street has deposited the amount, with a lien marked to SEBI as is required by law, "without prejudice to their rights and remedies which remain available to them in law and equity".
Through the July 3 order, SEBI had banned four entities of the Jane Street group including two foreign portfolio investors (FPIs) Jane Street Singapore Pte Ltd and Jane Street Asia Trading Ltd, and two India-registered entities JSI Investment Private Ltd and JSI2 Investment Pvt Ltd.
The market regulator alleged that Jane Street took large positions in the index options market and then moved the index through the cash and futures segments, to make large profits from from the options. To do this, Jane Street allegedly worked around the FPI regulations and even defied regulatory warnings.
Following the order, in an emailed statement to Reuters, Jane Street said that it remains committed to complying with all applicable regulations in every region they operate.
