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.

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As US-based quant trading giant Jane Street faces mounting regulatory pressure in India, a deeper look into its corporate structure reveals that its local units are largely overseen by foreign executives, with only a handful of Indian personnel in operational roles.