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.

These firms have been told to deposit Rs 4,843.5 crore, which SEBI says are illegal profits made through trading in index options on Indian stock exchanges. According to SEBI, Jane Street earned Rs 43,289.33 crore from such trades between January 1, 2023, and March 31, 2025.