MUMBAI, Sept. 10 -- At a hearing on Tuesday, the Securities and Exchange Board of India (Sebi) told the Securities Appellate Tribunal (SAT) that Jane Street's demand for extensive documents was premature, arguing that the investigation into alleged index manipulation was still at a critical stage. Sebi said it was under no legal obligation to share internal reports, draft findings, or confidential correspondence not relied upon in its ex-parte interim order, and refused to accede to what it called a "fishing and roving enquiry." The regulator argued Jane Street was attempting to stall the proceedings rather than explain its trading strategies. SAT directed Sebi to file its reply within three weeks. Sebi had scheduled an internal hearing in the case for 15 September. That session will now be adjourned. Jane Street's appeal contends that Sebi withheld crucial information while investigating claims of Bank Nifty index manipulation. The firm's entities asked SAT to direct Sebi to release investigative reports and correspondence they say are essential to their defence. The appeal points to earlier probes, including a November 2024 review by the National Stock Exchange (NSE) and a December 2024 review by Sebi's Integrated Surveillance Department (ISD), which reportedly found no evidence that Jane Street's trades influenced index prices to benefit its options positions. But, Sebi's July order accused Jane Street of manipulation that harmed retail investors. Sebi alleged that the firm bought large quantities of Bank Nifty constituents in cash and futures markets to artificially support the index while simultaneously building short positions in index options. In Tuesday's hearing, Darius Khambata, senior counsel for Jane Street, cited the Supreme Court's T. Takano vs Sebi ruling, which held that quasi-judicial authorities must provide all relevant and material documents to a noticee....