SEBI has banned US-based quantitative trading firm Jane Street and its affiliates from Indian securities markets, ordering them to return ₹4,843 crore in alleged unlawful profits. The $20.5 billion revenue firm earned nearly ₹36,671 crore through index options trading between January 2023 and March 2025.
SEBI's investigation revealed two manipulation strategies: "morning pump, afternoon dump" - buying Bank Nifty stocks early to inflate prices, then aggressively selling to depress closing levels; and expiry day manipulation through targeted trades affecting options pricing. These tactics misled retail investors while generating massive profits.
Four Jane Street entities are barred from market access until the probe concludes, marking SEBI's strongest action against a major global trading firm.
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