According to government filings, JSI Investment Pvt.—the primary Indian arm of Jane Street Group—saw its after-tax profit soar to ₹28.4 billion ($340 million) in FY25, up from ₹4.8 billion in the previous year. The results underscore the immense profitability of high-frequency and derivatives strategies in the Indian market prior to regulatory intervention.
Financial Highlights: A Six-Fold Jump in Trading Gains
The firm’s success was driven by a massive increase in net trading activity, particularly in the highly liquid index derivatives segment.
- Net Trading Gains: Soared to ₹47 billion ($566 million) in FY25, compared to just ₹7.9 billion in FY24.
- Profit Growth: The 494% year-on-year increase in net profit makes it one of the most successful years for a foreign trading firm in Indian history.
- Operational Status: As of their December filing, the unit reported that it is no longer engaged in trading activities following the SEBI interim order issued in July 2025.
| Metric (JSI Investment Pvt.) | FY24 | FY25 | Growth (%) |
| Net Trading Gains | ₹7.9 Billion | ₹47 Billion | +495% |
| Net Profit (After Tax) | ₹4.8 Billion | ₹28.4 Billion | +494% |
| Total Assets | – | ₹100 Billion+ | – |
The SEBI Backdrop: “Unlawful Gains” and Escrow
The release of these stellar financials comes at a sensitive time. In July 2025, SEBI accused Jane Street of manipulating index levels (specifically Bank Nifty) to benefit its massive options portfolio.
- The $4.3 Billion Figure: SEBI’s probe estimated that Jane Street made $4.3 billion (₹36,500 crore) in total profits from Indian index options between January 2023 and March 2025.
- Escrow Order: To have its trading ban lifted, Jane Street was required to deposit $570 million (₹4,840 crore) into an escrow account as “alleged unlawful gains.”
- The Appeal: Jane Street continues to deny any wrongdoing, arguing its trades were part of standard arbitrage and risk management. A crucial hearing on the firm’s appeal is scheduled for today, January 19, 2026.
Market Context: Retail Losses vs. Institutional Gains
The surge in Jane Street’s profits stands in stark contrast to the fortunes of individual Indian investors. A SEBI study released alongside the crackdown revealed that 9 out of 10 retail traders in the F&O (Futures & Options) segment lost money, with total retail losses exceeding ₹1.05 lakh crore in FY25.
Conclusion
The FY25 filings prove that Jane Street had successfully cracked the “code” of the Indian markets, scaling its operations at a pace rarely seen in the financial sector. While the firm has now pivoted its focus to other markets like U.S. Treasuries and Asian ETFs, its FY25 performance remains a lightning rod for the debate over high-frequency trading (HFT) and market fairness in India.
