SEBI has barred US-based Jane Street Group from participating in the Indian stock market and ordered it to disgorge unlawful gains of ₹4,843 crore for allegedly manipulating stock indices through derivative positions.

The U.S. trading firm’s entities are “further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly.”

Large buy or sell orders—executed seconds before close—nudge prices just enough to swing the outcome of options and futures contracts. It’s subtle. It’s fast.