A study by the Securities and Exchange Board of India found that retail investors lost more than $20 billion on option trades over three years. On July 4, SEBI announced it would seize 48.4 billion rupees ($570 million) from trading giant Jane Street Group,

India's derivatives market has had explosive growth as retail investors swarmed in and is now the world's largest.

Jane Street categorically denied any wrongdoing. "We reject the premise and the substance of the Order in the strongest possible terms," the firm told employees in an email