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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While the ban is focused on a single player, many believe it may have wider effects on liquidity, trading volumes, investor confidence, and even foreign investor behaviour.