New Delhi, Sept. 4 -- Jane Street's fight with India's capital markets regulator has entered a decisive phase. On Wednesday, four entities of the global trading firm moved the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi), alleging that the regulator withheld crucial information while investigating the group.

At stake is not only a Rs.4,843 crore escrow deposit but also the question of whether Sebi suppressed exculpatory findings while accusing Jane Street of index manipulation.

The core of Jane Street's appeal is that two earlier reviews-one by the National Stock Exchange (NSE) and another by Sebi's Integrated Surveillance Department (ISD)-had already cleared its trades. Yet, in July this...