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At the heart of the controversy is a long-running investigation into the firm’s index arbitrage strategy, one that Jane Street insists is standard and legal, but which Sebi believes may have distorted prices in India’s rapidly growing equity derivatives market.

On Thursday, Sebi issued an interim order barring the U.S.-based investment firm and its group entities from accessing the securities market in India, while directing them to disgorge ₹4,843.57 crore in alleged unlawful gains.