Jane Street, Ethanol-Blended Petrol, Online Gaming Law, Delhi Riots and More

Headline: Jane Street, Ethanol-blended petrol, Online Gaming Law, Delhi Riots and more

“Law is not just about rules but also about purpose… it is about creating conditions in which human dignity can flourish. It is also ensuring that every person regardless of wealth, status, caste, gender, or belief is treated as an equal subject before the law.”

— Supreme Court judge Justice BV Nagarathna speaking at the convocation ceremony of NLU, Delhi

Did appeal by Jane Street catch market regulator off-guard?

Weeks ago the capital market regulator passed an interim order against the American trading firm Jane Street imposing a heavy penalty on it and barring it from trading in the Indian market temporarily on accusations of market manipulations. This order, passed in July, sent shock waves across the industry with the market watchers looking out for Jane Street’s next move.

Interestingly, the firm deposited the fine in an escrow account, a move which pretty much meant that it could resume its trading operations in the Indian market. But in a surprising move, Jane Street refrained from resuming trading in India. Yet, the firm vehemently denied any wrong-doing and continued to pursue its case before the Securities and Exchange Board of India.

Ahead of a scheduled hearing on September 8 before SEBI though, in a surprise move, the firm filed an appeal before the appellate tribunal. This appeal alleges that SEBI denied access of critical documents and material to the firm. This material, the firm would claim, is pertinent for mounting a defence in the case.

This appeal by Jane Street not only catches the regulator off-guard but also puts the spotlight on SEBI’s probe into the matter potentially raising questions about the process involved. The case now, however, has turned into a legal battle ready to be fought out before the Securities Appellate Tribunal beginning September 9.

The Week That Was

Key Rulings

• Delhi High Court dismisses bail pleas by Umar Khalid, Sharjeel Imam and seven other accused persons in the Delhi riots conspiracy case

Courts

• Central government approaches Supreme Court seeking transfer of all petitions challenging the new online gaming law from different high courts to the top court
• Supreme Court seeks central government’s response on plea that seeks protection of Himalayan states and regions at the back of the recent natural calamities like floods and landslides killing hundreds
• Karnataka High Court bars Byju Raveendran from alienating his assets on a plea by Qatar Holding seeking enforcement of a foreign award it won against Byju's former promote
• Supreme Court dismisses petition against the Jetty project near Gateway of India in Mumbai.
• Supreme Court rejects petition seeking a choice for consumers to opt out of 20% ethanol blended petrol in light of non-compatibility of majority of existing vehicles with this variety of fuel. The government defended the move and cited benefit to sugarcane growers

Others

• US trading firm Jane Street moves Securities Appellate Tribunal appealing against the SEBI’s move to allegedly withhold important documents from the firm in the probe against it

The Big Listings

Sep 8: Karnataka High Court to hear the petition challenging the new law passed by the parliament that bans online gaming platforms
Sep 8: Supreme Court to hear transfer petition filed by the Centre seeking clubbing and transfer of all cases related to online gaming law to the top court
Sep 9: Securities Appellate Tribunal to hear appeal by Jane Street challenging SEBI’s move to allegedly refuse access to important documents to the firm in the case against it
Sep 15: Supreme Court to hear the PIL petition that makes several allegations against Ambanis’ Vantara project
Sep 17: NCLT in Ahmedabad to hear petition for Vedanta’s demerge

* The dates of hearing can change and a concrete list is prepared just a day before

Legal Moves

• Centre clears appointment of Justice Shree Chandrashekhar as chief justice of Bombay High Court
• Centre clears appointment of Three lawyers as judges to the Allahabad High Court
• Nishith Mehta joins Trilegal in Risk and Compliance practice
• Dinesh Gupta leaves Clasis Law to join IndiaLaw