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It’s not every day that a regulator as methodical and reserved as India’s SEBI accuses one of the world’s largest trading firms of a “sinister scheme.” But that’s what happened last week when Jane Street—one of the “new titans of Wall Street”—was banned from India’s markets over allegations of manipulating prices in one of the fastest-growing derivatives markets on Earth.

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.