IITs in a bind as SEBI bars Jane Street over market manipulation charges: Report

The Securities and Exchange Board of India (SEBI) last week barred Jane Street from accessing its securities markets after an investigation found that the high-frequency trading (HFT) firm made massive unlawful gains through manipulative trading strategies.

The regulator also ordered the impounding of ₹4,843.57 crore from Jane Street entities.

Jane Street has said it plans to contest SEBI’s order.

“It’s deeply upsetting to see the firm mischaracterised this way,” the memo said, adding that Jane Street was preparing a formal rebuttal.

Founded in 2000, Jane Street is among the world’s largest quantitative trading firms, hiring candidates proficient in mathematics and statistical market models.

In India, it has been a regular recruiter from IIT-Delhi, Bombay, and Madras, offering internships that often convert to pre-placement offers with salaries reaching up to ₹4 crore.

However, with SEBI’s interim order in place, IIT placement teams are now reportedly reassessing whether to permit the firm in the upcoming internship drive for the Class of 2026, which begins later this month.

“We are evaluating our options. Jane Street has been a regular recruiter, but we are awaiting the regulator’s final decision,” Mint quoted a placement executive at one of the older IITs as saying.

The executive said that Jane Street has not yet registered for this year’s internship process, while some of its competitors have already approached the institute.

Excluding Jane Street could remove a prominent hirer from IIT rosters at a time when markets are witnessing volatility amid global trade and geopolitical uncertainties.

While Jane Street conducts its hiring mainly through internships, several competitors visit during final placements held in December.

“The high-frequency trading firms were highly sought after, but if Jane Street is not allowed, others in the sector may get a preference,” the placement executive said.