New Delhi, Sept. 19 -- The Securities and Exchange Board of India's (Sebi) long-standing practice of withholding full investigative records is once again under scrutiny after US-based proprietary trading firm Jane Street appealed to the Securities Appellate Tribunal (SAT) for complete access to documents used in a probe into its alleged index manipulation.

The case highlights an ongoing clash between the regulator's confidentiality policies and companies' rights to due process, a tension that has repeatedly drawn intervention from India's top courts.

Jane Street has argued that Sebi denied it full access to materials generated during the National Stock Exchange's (NSE) probe in November 2024, which it says are critical to mounting an ef...