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The Securities and Exchange Board of India (Sebi) last week issued a damning preliminary order against Jane Street, a New York-based trading firm, accusing it of orchestrating large, synchronised trades across the cash, futures, and options markets to manipulate equity-index levels. The trades allegedly profited Jane Street handsomely while inflicting losses on India’s ever hopeful retail investors. In righteous indignation, Sebi declared that “the integrity of the market and the faith of millions of small investors ... can no longer be held hostage to the machinations of such an untrustworthy actor”. Sebi has banned Jane Street from India’s securities markets
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