In July 2025, the Securities and Exchange Board of India (Sebi) shook the financial markets by passing an interim order against Jane Street Group, a well-known global quantitative trading firm. Sebi accused the firm and its affiliates of manipulating Indian stock index levels through a series of strategic trades designed to benefit their derivatives positions.

Following its ₹4,843 crore order against Jane Street Group for alleged index manipulation, Sebi Chairman Tuhin Kanta Pandey issued a stern warning that market misconduct — from domestic or foreign entities — will face zero tolerance.

Here's how Jane Street's alleged manipulation in Indian derivatives market led to SEBI’s Rs 4,843 crore crackdown