At the heart of the controversy is Jane Street’s aggressive trading in the derivatives (futures) segment, where the firm executed trades designed not just to profit, but to sway the market itself. Here's how.

The Sebi interim order against Jane Street exposes the frailties of the Indian derivatives market – flawed product structures and lopsided composition loaded against the small, individual traders. The regulator might have its task cut out in completing the investigation and standing the judicial scrutiny.

SEBI has temporarily barred Jane Street from the Indian stock market and impounded ₹4,840 crore for alleged index manipulation, raising concerns about retail traders' vulnerabilities in derivatives trading.