Jane Street categorically denied any wrongdoing. "We reject the premise and the substance of the Order in the strongest possible terms," the firm told employees in an email

This move signals the regulator’s intent to tighten oversight of complex algorithm-driven trading, especially by global players who account for a significant chunk of the volumes in India’s 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.