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Investing.com-- The Securities and Exchange Board of India on Thursday issued an order blocking Jane Street from the local securities markets, alleging that the trading house previously engaged in market manipulation.
SEBI issued an interim order to seize about 48.43 billion rupees ($570 million) of Jane Street’s funds, the amount of unlawful gains the trading house saw from its alleged violations of Indian securities law.
Jane Street and its entities will also be blocked from participating in India’s securities market.
SEBI alleged that Jane Street and its subsidiaries manipulated an index of 12 of India’s largest banks in a “complex and illegal manner.”
The SEBI order comes after reports in early-June said the regulator was investigating Jane Street’s derivatives trades for at least three years to check if the quantitative trading firm had engaged in market manipulation.
The SEBI ban stands to potentially deal a major blow to Jane Street, which earned more than $2.3 billion in net revenue from Indian equity derivatives in 2024.