India has temporarily barred Jane Street Group LLC from accessing the local securities market for alleged index manipulation, dealing a severe hit to the US firm that made $4.3 billion in trading gains there in more than two years.
The Securities and Exchange Board of India said it would seize 48.4 billion rupees ($570 million) from Jane Street, which it claimed is the total amount of “unlawful gains” made by the firm, according to a 105-page interim order by Ananth Narayan, a board member at the regulator, on its website. Jane Street said it disputes the findings.