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SEBI has banned the firm from India’s securities markets. The drama has thrown a bright light on Jane Street, a company of legendary opacity even in an industry that prioritises secrecy. And it could carry political and regulatory consequences, not just for Jane Street, but for an entire, ascendant industry of marketmakers.

Since the order, index options premium turnover on the NSE and BSE exchanges declined on a week-on-week basis in four of five sessions