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.

Following its ₹4,843 crore order against Jane Street Group for alleged index manipulation, Sebi Chairman Tuhin Kanta Pandey issued a stern warning that market misconduct — from domestic or foreign entities — will face zero tolerance.

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.