Latest news with #marketmanipulation
Reuters
6 days ago
- Business
- Reuters
Insight: How India struggled to regulate Jane Street's money-spinning machine
MUMBAI, Aug 14 (Reuters) - More than four months before India's market regulator began formally investigating Jane Street for manipulation in April 2024, it received information from the country's top stock exchange indicating unusual activity by the U.S. trading giant, according to three people familiar with the matter. The National Stock Exchange (NSE) told Reuters that it had provided the Securities and Exchange Board of India (SEBI) "data and analysis on Jane Street as a consumer" beginning in November 2023. NSE did not provide more details, but the information sharing - which came amid a separate preliminary probe by SEBI into Jane Street's derivatives trading - began due to a surveillance alert, the people said. SEBI, which had launched its informal investigation in the second half of 2023, quickly found itself challenged by the voluminous and complex data generated by the high-frequency trader's activities in India, two of the people said. In the months between the preliminary examination and the start of a formal investigation, mom-and-pop traders were bleeding cash: Retail investors lost $21 billion trading derivatives over a period of three years to March 2024, according to SEBI data. Reuters interviewed eight people familiar with the probe, including market sources and regulatory and exchange officials. They described how SEBI struggled to respond to the explosion of derivatives trading in India - the world's largest options market as of 2023 - and how its dual obligations to police the market and develop India's financial system deterred it from quicker, bolder action. The news agency is also reporting for the first time details about SEBI's preliminary investigation, which came as retail traders were driving the derivatives boom, with low-income investors accounting for 76% of such trades in the year to March 2024. Before starting its informal examination, SEBI had through its market surveillance detected abnormal patterns in some of Jane Street's trades, said two of the people, who like many others interviewed for this story spoke on condition of anonymity to discuss sensitive matters. The regulator was concerned about the rush of less sophisticated investors into the options market, but it also did "not want to become a nanny state," the people said. SEBI at that time shied away from action that it feared might spook markets, like imposing a minimum income threshold for individuals to trade derivatives, they said. Instead, SEBI preferred to warn retail investors of the risks: In May 2023, for instance, it asked brokers to display on their trading platforms a warning that the vast majority of individual equities options traders made net losses. SEBI cracked down in July 2025, when it issued a 105-page interim order barring Jane Street from the local market, in one of the strongest actions it has taken against a foreign investor. Jane Street made $4.23 billion trading Indian derivatives between January 2023 and March 2025, according to the regulator, which alleges that $567 million of the profits were "unlawful gains." The regulator did not respond to Reuters' questions about the time taken to launch a formal probe, but its July 4 order noted that Jane Street executed its trades using entities in different geographical locations. That practice, which is unusual in India, added to the complexity of the investigation, SEBI has said. In some cases, regulators in other major markets have taken as long as two years to complete complex investigations into suspected market manipulation or insider trading. In Jane Street's case, SEBI likely faced the challenge of distinguishing between aggressive trading and manipulative behavior, said former SEBI official Sumit Agrawal, now managing partner of law firm Regstreet. If its orders were challenged in court, it faced the high bar of proving "not just impact, but intent," said Agrawal, who left SEBI in 2016. Jane Street, which denies the charges, says it was merely exercising "basic index arbitrage trading." It has deposited the $567 million of contested profits into an escrow account to regain access to Indian markets, even as it reserves the right to challenge the order. A company spokesperson told Reuters that Jane Street maintained its books and records in India and believed it was fully compliant with Indian law. Despite having regained the right to trade in India, the firm isn't currently doing so, the spokesperson said. India's derivatives market is moderating, Ananth Narayan, who led SEBI's Jane Street probe, said on July 17. He attributed the slowdown in part to cooling measures, which SEBI started rolling out in late 2024 that targeted retail investors, such as increasing the minimum size of contracts. Jane Street's Indian operations took place amid the unbridled post-pandemic growth of derivatives trading. The notional value of derivatives traded in India in 2023 was 422 times the value of the cash market. In most other global markets at that time, derivatives traded at between five and 15 times cash value. In this volatile environment, Jane Street accumulated large volumes of the constituent stocks of an index of Indian banks in cash and futures markets, pushing index prices higher, according to the SEBI order. In the mornings of days it engaged in such trades, it also used derivatives to short the index, the regulator said. Later on such days, the firm then sold the shares in cash and futures markets, SEBI said. Such was the size of Jane Street's positions that it pushed down the price of the index, thereby profiting from the shorts, the regulator said. The alleged manipulation resulted "in massive profits for the manipulators, at the cost of other participants and retail traders," SEBI said. Index-based derivatives grew exponentially without sufficient guardrails, said G. Mahalingam, who served as a top SEBI official until 2021. "This led the markets to go into unfettered speculation." NSE, the host of the index traded by Jane Street, thrived as derivatives boomed in India. It reported 135 billion rupees in transaction fees for its latest fiscal year, up 32% from the year to March 2023. Seventy-six percent of the transaction fees it charges are related to options trading, its latest financial statements show. NSE made efforts to encourage trading, like setting up a group composed of exchange officials and executives of high-frequency trading firms, according to two people familiar with the matter. The firms use derivatives as a major part of their strategy and could raise their concerns during meetings, the people said. The group hosted meetings like one on Oct. 25, 2024 that was attended by one of Jane Street's India top executives, according to minutes of the conversation seen by Reuters. At that meeting, the group discussed NSE's plans to increase co-location capacity, allowing high-frequency traders to place their computers closer to exchange systems to cut trade execution times. "It is estimated to triple the rack space in the next 2 years as NSE embarks on providing the necessary infrastructure to support growth," the document said. By the October meeting, NSE was aware that Jane Street was under the regulatory spotlight. It had been directed by SEBI two months before the meeting to scrutinize Jane Street's trades, according to the July 2025 order, alongside having shared the firm's data with the regulator for almost a year. A NSE spokesperson told Reuters that in addition to sharing data, it started issuing "detailed surveillance inputs" on Jane Street's activity in April 2024. When asked why it hosted the meeting with Jane Street despite SEBI's concerns, the spokesperson said NSE "interacts with all market participants ... to address queries and issues within regulatory boundaries." The exchange had no jurisdiction to take action against investors, the spokesperson added. Jane Street continues to walk a tight-rope, with tax authorities reviewing documents across its local offices, Reuters reported on July 31. Some retail traders, however, feel that SEBI didn't go far enough in its crackdown. Mumbai cab driver Govind Jha, 33, said he stopped putting money into derivatives for a month out of frustration that Jane Street had regained its ability to trade. "How do I make money in such a market?" he said.
Yahoo
12-08-2025
- Business
- Yahoo
Terra's Do Kwon to Change 'Not Guilty' Plea in US Fraud Case
Terraform Labs founder Do Kwon may change his "not guilty" plea in federal court tomorrow, a judge said Monday. District Judge Paul Engelmayer, of the Southern District of New York, scheduled a hearing for Tuesday morning in an order saying he had been "advised that the defendant may enter a change of plea." Kwon previously pleaded "not guilty" to multiple fraud and market manipulation charges tied to the operation and subsequent collapse of Terraform's Terra/Luna stablecoin ecosystem. Kwon was extradited to the U.S. at the end of 2024 following a lengthy back-and-forth with different Montenegrin authorities. Kwon was detained in Montenegro following an attempt to travel on a fake passport. A trial was tentatively set for next January, after prosecutors said they needed to examine six terabytes of data during discovery. Judge Engelmayer's order on Monday did not specify whether Kwon would plead guilty to all of the charges or if prosecutors had come to a plea deal with the defense team. His order did say the defense attorneys "should, in advance of the proceeding, review with the defendant any plea agreement or Pimentel letter." Kwon and Terraform have already been found liable for civil fraud in a case brought by the U.S. Securities and Exchange Commission, and ordered to pay $4.5 billion in penalties and disgorgement. The Terra network, once worth over $18 billion, collapsed in a matter of days after the algorithmic stablecoin TerraUSD (UST) lost its peg and its companion token Luna (LUNA) lost most of its value. An attorney for Kwon did not immediately return a request for comment. 登入存取你的投資組合
Bloomberg
11-08-2025
- Business
- Bloomberg
German Regulator Probes Gas Market Abuse, Warns of Cost Rise
Germany's grid regulator is investigating a potential instance of gas market manipulation and warned that the event may raise energy bills for consumers. The investigation concerns around €60 million ($69.9 million) in costs incurred between mid-May and mid-July 2025, the Federal Network Agency said in an email, when there was an apparent discrepancy with large amounts of fuel needed to convert natural gas.
Yahoo
04-08-2025
- Business
- Yahoo
Velocity Trader Exposes Wall Street's Hidden Friday Price Strategy Used to Trigger Short-Term Market Wins
Jim Fink Investing's Velocity Trader system reveals how weekly options expiration patterns may create consistent, short-term price setups for traders seeking three- to ten-day market opportunities. New York, Aug. 04, 2025 (GLOBE NEWSWIRE) -- In today's volatile financial markets, retail investors face growing uncertainty—yet one reclusive former attorney has quietly built a decades-long strategy to exploit a pattern that appears every week: Friday market manipulation. With a verified 97.62% win rate across nearly a thousand closed trades, Jim Fink's Velocity Trader system is now revealing how short-term options pricing—crafted by institutional firms—may be used to pinpoint profitable market movements in just 3 to 10 days. This press release breaks down the method, the mechanics, and the mindset behind this low-time commitment trading system. Amid turbulent markets and the erosion of traditional investment confidence, more Americans are searching for alternative trading strategies that offer not only short-term potential—but consistent, repeatable results. Enter Jim Fink, a former Wall Street-connected attorney who turned a modest $50,000 trading account into multi-million-dollar gains using what he describes as a 'Tuesday-to-Friday' market anomaly. Today, after nearly a decade in relative anonymity, Fink is opening up about how options expiration cycles may be silently shaping price movements across the U.S. stock market—and how retail traders can follow along without needing professional tools, complex training, or hours in front of a screen. To learn how this unique Tuesday-to-Friday trading method works, and discover how it identifies weekly expiration patterns hidden in plain sight. Many of these signals are delivered directly to members each Tuesday, offering the potential for trades to play out by that Friday—or the Friday after. Those interested in a low-effort, research-based approach can and see how the system adapts to today's unpredictable market. Disclaimer: This article is for informational and educational purposes only. It does not constitute financial advice, investment guidance, or an offer to buy or sell any securities. Trading in the stock or options markets involves substantial risk, and individuals should perform their own due diligence or consult with a qualified advisor before making financial decisions. Past performance is not indicative of future results. This content may include references to a subscription-based research service; results are not guaranteed, and testimonials reflect individual experiences which may not be typical. Always invest responsibly. Why Interest in 'Short-Term Options Trading' Is Surging in 2025 The 2025 market environment has been marked by volatility, uncertainty, and sharp reversals—conditions that have left many traditional investors feeling sidelined. With interest rates holding steady after a turbulent cycle of hikes, and inflation concerns weighing heavily on growth sectors, the appeal of long-term buy-and-hold strategies has faded for a large portion of retail traders. In its place, a growing segment of individual investors are exploring short-term options trading strategies designed for faster, more frequent results. Search data from Google Trends shows a sharp increase in search volume for phrases like 'weekly options strategy,' 'Tuesday to Friday trades,' and 'short-term market moves,' particularly during earnings seasons and high-volatility periods. On platforms like Reddit's r/options and r/WallStreetBets, active discussions often center around low-time commitment systems that aim to deliver returns within three to ten days—especially ones designed to navigate institutional behavior during options expiry. This shift in retail sentiment has not gone unnoticed. Financial content creators on YouTube and X (formerly Twitter) are increasingly focused on breakdowns of market anomalies surrounding Friday expirations, with many users reporting experiments in replicating these phenomena with mixed results. Enter Jim Fink's Velocity Trader system—built specifically to operate within this emerging window of opportunity. Rather than attempting to outsmart macroeconomic cycles or predict quarterly earnings, the system focuses on an observable price pattern that recurs every week: a surge or drop in specific equities tied to the expiration of options contracts. These weekly moves—while seemingly chaotic on the surface—follow a deeper, more structured rhythm that Fink believes can be detected, measured, and traded. The market's increased appetite for transparency, autonomy, and fast-cycle trading has made systems like Velocity Trader more appealing in 2025 than ever before. While not intended as a replacement for broader portfolio strategies, this type of approach caters to investors seeking precision-guided tactics for capturing market inefficiencies—without needing to be glued to a screen all day or navigating complex software platforms. From self-directed retirees to part-time traders and financially savvy professionals, the demand for short-horizon, research-driven systems has fueled growing curiosity around strategies like Fink's—especially those that target market behavior over hype, and use timing patterns over forecasts to generate consistent entry points. Velocity Trader as a Response to This Shift As mainstream investing becomes more turbulent, the need for a reliable, low-commitment trading approach has never been greater. Velocity Trader was designed specifically to address this gap—offering a structured way to engage with short-term market movements without requiring technical expertise, real-time monitoring, or exposure to long-term downturns. At the center of this approach is Jim Fink, a former attorney who began experimenting with options trading during his lunch breaks. Working at a law firm that handled major Wall Street clients, Fink had a front-row view of institutional behavior. Over time, he developed a system that could identify patterns in the options market—patterns he believed were not random, but engineered to benefit large firms during the expiration cycle. Rather than try to predict market direction broadly, Fink's strategy zeros in on how specific stocks behave in the days leading up to options expiration. By focusing on Tuesday as the optimal entry point and Friday as the common settlement point, he built a rhythm that aligned with Wall Street's weekly cash flows—and began using that rhythm to place precision-timed trades. The result is a system that takes only minutes to execute, requires no constant screen time, and has shown a high degree of consistency over time. Importantly, it avoids holding stocks outright, sidestepping the risks of long-term market exposure. Instead, Velocity Trader uses a rules-based framework to identify option contracts that may benefit from short-term price movement, allowing investors to participate in potential gains without the typical guesswork. It's this blend of simplicity and strategy that makes Velocity Trader stand out in 2025. With so many investors searching for an alternative to passive portfolios and unpredictable tech swings, Fink's time-tested method offers a way to engage the market without relying on hype, headlines, or speculation. By removing complexity and focusing on repeatable outcomes, Velocity Trader positions itself not as a magic bullet—but as a serious tool for traders seeking clarity in an otherwise noisy environment. For those looking to explore how this system works in real time, to learn more about the weekly trade alerts and how they are delivered. Inside the Velocity Trader Platform: How the System Delivers Weekly Trade Setups Without Daily Screen Time Velocity Trader isn't a course, a classroom, or a coaching program—it's a streamlined system designed to deliver two new trade recommendations every Tuesday morning, directly to members, with the goal of capturing movement triggered by Wall Street's massive Friday options expirations. Each recommendation is structured to play out over a three- to ten-day period, depending on market conditions. This approach is radically different from day trading or trend following. Jim Fink's methodology doesn't rely on technical indicators, chart patterns, or fast-paced decisions. Instead, it begins with a core insight: many of the price movements seen near the end of each week are not random. They're driven by how institutional options contracts are structured—and how those firms need prices to move to remain profitable by Friday. Each Tuesday, members receive a detailed briefing on two targeted opportunities. These alerts are delivered by email (with optional text message support) and include: The exact option ticker symbol Entry price guidance A simple two-sentence summary of why the trade was chosen A ready-made phrase members can read to their broker (ideal for those who prefer placing trades over the phone) Fink also records a brief weekly video explaining the logic behind each recommendation, providing greater transparency without overwhelming users with jargon or technical analysis. These videos are designed for clarity and accessibility—even complete beginners can follow along. One of the most unique aspects of Velocity Trader is its time efficiency. According to Fink, each weekly setup takes no more than ten minutes to execute. There's no need to monitor price swings throughout the day. Once the trades are placed on Tuesday, the system is designed to let the week unfold—with many trades reaching their payout window by that Friday or the next. To better understand how these alerts are structured—and why they're built around Friday market cycles—visit the official Velocity Trader platform here and see how Jim Fink packages institutional insight into a simplified weekly delivery system. What Online Users Are Saying About This Category Across financial forums and content platforms, short-term options trading has become one of the most discussed strategies of 2025. Retail investors, side hustlers, and former long-term stock pickers are increasingly shifting attention to time-sensitive trades that operate on a weekly rhythm. But while the appetite for fast results is growing, so is the confusion around how to make it work without gambling or constant screen time. On Reddit threads like r/options and r/financialindependence, users often share anecdotal wins and losses, trading screenshots, or quick takes on 'what worked this week.' The sentiment is usually split between curiosity and skepticism. Many first-time traders express frustration over not knowing when to enter or exit a position. Others cite timing errors or poor options contract selection as barriers to consistency. In the YouTube and podcast world, creators are experimenting with weekly trade challenges, documenting their attempts to turn $500 into $1,000 in a few days using expiration-based setups. While some have posted occasional gains, few offer the structure or repeatability needed to scale the results. Comment sections are filled with questions about risk exposure, contract types, and how to avoid being 'burned' by surprise reversals. Amid this cultural conversation, there's growing interest in trade systems that simplify execution. Investors are looking for frameworks that do more than just share watchlists or theory—they want straightforward instructions, delivered at the right moment, that take into account how the broader market is behaving. This is where Velocity Trader has captured attention. By focusing not on hype or momentum, but on a fixed weekly entry point and a known institutional pressure pattern, Velocity Trader stands apart from most of what's trending online. It doesn't ask members to decode charts, monitor alerts around the clock, or chase breakouts after the fact. Instead, it gives them a blueprint for action each Tuesday—with the goal of walking away by Friday with a clean exit. For traders exploring how to cut through the noise and build a structured, low-guesswork routine, and see what a research-first, rhythm-based system looks like in action. Who Might Gravitate Toward This Product in 2025 Not every investor is looking for long-term compounding or dividend yield. In 2025, a growing segment of the retail market is motivated by flexibility, precision, and the ability to navigate short windows of volatility. While no single system fits every profile, Velocity Trader has drawn interest from several distinct types of market participants. Many subscribers come from professional backgrounds where time is limited. They're business owners, engineers, lawyers, and consultants—individuals who don't have hours to spend analyzing charts or watching CNBC, but still want a method to participate in market gains. The appeal lies in a process that can be executed in minutes on a lunch break or between client meetings, without the need for daily supervision. Another group includes retirees and pre-retirees aiming to build supplemental income without depleting their savings. For them, the idea of holding long-term positions through downturns can feel increasingly risky. The ability to target short-term setups—while using only capital they're comfortable putting to work—offers a sense of control and rhythm. Fink's strategy has also resonated with financially curious learners—people who may have dabbled in stocks or ETFs before, but never ventured into options. The educational aspect of Velocity Trader, particularly the weekly trade rationale videos and the eight-part foundational seminar, gives these users a sense of clarity. They're not just getting alerts—they're learning how a strategy fits together. It's worth emphasizing that this isn't a program designed for aggressive speculation or guaranteed results. Investors who gravitate toward Velocity Trader are typically those seeking structure. They value consistency over hype, and they prefer a rules-based system to intuition or social media-driven trends. They understand that no system is perfect, but they're looking for a way to remove guesswork from the equation. Those exploring whether a structured, weekly system aligns with their goals can to see how the alerts, schedule, and trade philosophy are delivered in practice. Market Category Reflections – Why This Niche Is Expanding In the ever-evolving world of personal finance, one category that has seen sharp growth is the niche of structured short-term trading systems. This expansion is driven by a combination of shifting investor expectations, widespread access to digital brokerages, and a broader skepticism toward long-horizon strategies that often fail to deliver during economic downturns. Historically, short-term trading was reserved for professionals with Bloomberg terminals and direct exchange access. But over the past five years, retail platforms have unlocked access to tools once limited to institutional desks. As a result, more investors are seeking frameworks that leverage this access while reducing exposure to constant volatility. Options contracts—especially weekly expirations—now provide a tactical entry point for traders who want flexibility without a full-time commitment. The emergence of market anomalies around Friday expirations has also drawn attention. Dozens of independent research threads, forum posts, and academic whitepapers have noted that certain equities exhibit unusual movement during the week's final sessions. Whether the result of institutional hedging or options contract pressure, the visibility of these patterns has opened the door for systems that can identify and act on them—like the one used by Velocity Trader. In parallel, key phrases such as 'weekly income strategies,' 'options trading for part-timers,' and '3-day trade opportunities' are climbing in Google search rankings. This suggests a strong and growing interest in approaches that favor agility over accumulation, and responsiveness over passive positioning. As financial content creation grows on platforms like YouTube, Substack, and podcasting networks, more attention is being paid to strategy-based systems with defined rules. Programs like Velocity Trader offer a counterbalance to personality-driven investing advice—emphasizing process over personal brand, and execution over commentary. For those watching the expansion of this niche closely, it's clear that the market is maturing. Structured short-term systems are no longer fringe—they are becoming a defined category within the broader trading landscape. To see how one such system operates in real-time, and explore the research principles behind its weekly timing approach. Public Debate – Supporters, Skeptics, and the Signals Behind the Buzz Any strategy that challenges conventional investing wisdom is bound to generate debate—and Velocity Trader is no exception. As news of Jim Fink's 97.62% historical win rate continues to circulate among traders and analysts, the public conversation around weekly options systems has become increasingly vocal. Supporters point to Fink's track record as a rare example of consistency in an unpredictable environment. They appreciate the system's structure: two trades a week, placed at the same time, with a defined logic tied to options expiration pressure. To many, this rhythm offers a sense of control in a market otherwise driven by noise, volatility, and unexpected macroeconomic headlines. Others view the system with skepticism, not because of the results, but because of how unusual the premise is. The idea that price movements may be partially driven by the institutional structure of options contracts—rather than earnings, sentiment, or news—is a provocative assertion. Some financial professionals argue that these patterns may be coincidental, or that they could disappear over time if too many traders begin to exploit them. Still, a growing segment of independent analysts and forum contributors are beginning to document and validate the existence of weekly price compression near expiration. Some refer to it as 'max pain theory,' while others point to institutional hedging behavior as the cause. Regardless of the term used, there is increasing consensus that a subset of short-term price moves are not as random as they once seemed. Meanwhile, in private groups and member communities, Fink's followers continue to post their feedback—sometimes cautiously optimistic, other times enthusiastically supportive. While the system does not promise results, its appeal lies in how it reframes the market itself: not as a chaotic ecosystem to be predicted, but as a series of engineered conditions to be tracked and reacted to. For a deeper look at how this conversation is unfolding and what makes the Velocity Trader system different from other weekly alert services, and see how the strategy is designed to adapt—not predict. About Jim Fink Investing Jim Fink Investing is a research-first platform focused on helping self-directed traders explore time-efficient options strategies grounded in institutional market patterns. The company's flagship service, Velocity Trader, was created to offer structure, transparency, and accessibility to individuals interested in participating in short-term opportunities without requiring constant screen time or advanced trading knowledge. Founded on the belief that market behavior often reflects engineered systems rather than randomness, Jim Fink's methodology emphasizes consistency over speculation. His work centers on identifying repeatable patterns tied to options expiration events—particularly those that occur during weekly Friday settlement cycles. While the strategy does not promise specific results and carries risk like all forms of investing, it offers a framework built around repeatable entry timing, clear trade rationale, and defined trade durations. Education plays a key role in the brand's identity. Velocity Trader members receive access to video briefings, simplified trade instructions, and a full training curriculum designed to demystify the options process. These tools are crafted to empower both new and experienced traders who want to take a structured approach to short-horizon positioning. The company does not manage client funds or provide individualized investment advice. Instead, it operates as a publishing and research organization, offering analysis, tools, and timely alerts for those interested in applying the strategy independently. To learn more about the platform's approach to rhythm-based trading and its commitment to educational access, for additional details. Contact Jim Fink Investing - Velocity Trader Email: CustomerService@ Phone: (202) 978‑3606 Website: DisclaimerThis press release is for informational purposes only. The content herein does not constitute financial, legal, or medical advice. Velocity Trader is not intended to diagnose, treat, predict, or guarantee any result or outcome. Individual experiences may vary, and outcomes are not assured. Some links in this release may be promotional in nature and may lead to third-party websites. The publisher or author may receive compensation through affiliate commissions if a purchase is made through these links. This compensation does not affect the price you pay and helps support continued research and content publication. All statements made about product features, platform strategies, or training content reflect publicly available information, user discussions, or historical trends, and are not endorsed or validated by regulatory bodies. Please perform your own research before making financial, technological, or purchasing decisions. CONTACT: Email: CustomerService@ Phone: (202) 978‑3606Sign in to access your portfolio
Khaleej Times
04-08-2025
- Business
- Khaleej Times
India regulator bars trading firm Jane Street Group
India's market regulator has temporarily banned US trading firm Jane Street Group from accessing the local securities market after a probe suggested it had allegedly engaged in "illegal manipulation". A trading boom in complex financial products over the past five years -- helped by an influx of millions of new retail investors after the pandemic -- has made India a top market for derivatives products. The surge in trading of Indian index options contracts has seen the world's most populous country attract interest from global high-speed trading giants, but also resulted in greater regulatory scrutiny. On Thursday night, the Securities and Exchange Board of India (SEBI) published a 105-page, interim order accusing Jane Street of market manipulation and restrained it from dealing in local securities. "It has been shown above that at least on 21 days, the JS Group has prima facie engaged in illegal manipulation of the securities that comprise the BANKNIFTY and NIFTY indices, thereby vitiating market fairness and integrity, and illegally benefiting from their trading activities and positions in the index options markets," SEBI said. "This is an unusual case where prima facie, multiple liquid stocks with high retail participation have together been manipulated to facilitate the manipulation of the index options market, resulting in massive profits for the manipulators, at the cost of other participants and retail traders." The regulator added that it would "impound" 48.4 billion rupees ($567 million) from Jane Street, which it said was the "total amount of unlawful gains" earned due to "alleged violations". But it added that findings were interim in nature, and that if a detailed probe cleared the trading company, the money would be "released for their use" and "they shall be free to continue with their business". Jane Street, in an emailed statement, said it "disputes the findings of the SEBI Interim Order and will further engage with the regulator. Jane Street is committed to operating in compliance with all regulations in the regions we operate around the world".
