New Delhi, Oct. 8 -- The Securities Appellate Tribunal (SAT) has reserved its order until 21 October on an appeal by US-based market maker Jane Street, bringing an end to verbal arguments in its ongoing legal battle with the Securities and Exchange Board of India (Sebi) over access to key evidence.

The dispute stems from Sebi's July 2025 ex-parte interim order, which barred Jane Street from the Indian securities market and directed it to disgorge Rs.4,843 crore in alleged unlawful gains.

The regulator accused the hedge fund of manipulating the Bank Nifty index by using trades in cash and futures markets to artificially support the index while building large short positions in index options.

Arguing before a SAT bench comprising presidi...