New Delhi, Oct. 6 -- India's markets regulator called Jane Street Group LLC's demand for additional documents a "dilatory" tactic, a day after the US-based hedge fund asked the Securities Appellate Tribunal (SAT) to direct the Securities and Exchange Board of India (Sebi) to share the trading records behind its market manipulation allegations.

Gaurav Joshi, a lawyer representing the Securities and Exchange Board of India, opened Tuesday's arguments with a Hindi proverb that roughly translates to "the thief reprimanding the police," suggesting that Jane Street was trying to turn the accusations against the regulator. The hearing will continue on Wednesday, Bloomberg reported.

The firm is seeking to question SEBI's conduct instead of expl...