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Mumbai: The Securities and Appellate Tribunal (SAT) on Tuesday sought explanation from market watchdog SEBI (Securities and Exchange Board of India) as to why documents were not been shared with US Hedge fund Jane Street.

The SAT asked SEBI to provide documents within next three weeks with the next hearing set for November 18.

As per Jane Street's counsel, a total of 61 documents were sought, which SEBI has countered as a very large list.

Wall Street Firm Jane Street Pays ₹4,843 Crore Escrow After SEBI Ban For Index Manipulation

During the first hearing of Jane Street's appeal, SEBI's counsel informed the tribunal that the regulator had already provisioned 10 GBs of data.

The counsel also added that the July order barring the hedge fund was only an interim one, with a final one pending.

The regulator also alleged that Jane Street was not sharing trading strategy adopted by them, but was demanding internal circulars.

The case pertains to a July 3 order from Sebi that sought Jane Street to disgorge gains of ₹ 4,800 crore. The market watchdog had alleged market manipulation and barred Jane Street from operating in Indian capital markets.

Jane Street subsequently filed an appeal last week against the interim order. In its appeal, Jane Street alleged information and access to documents needed for defence were denied by SEBI. It also claimed that as per a recent inspection by a Sebi department, there was no manipulation.

The counsel for Jane Street revealed the SAT that even though paying the amount had helped lift the ban, the hedge fund, was yet to resume trading.

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