This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get the latest news from India and how it matters to the world.

While the ban is focused on a single player, many believe it may have wider effects on liquidity, trading volumes, investor confidence, and even foreign investor behaviour.

Jane Street has criticised Sebi's recent order accusing it of market manipulation, calling it "fundamentally mistaken." The US trading giant is exploring legal options and preparing a formal response.