Jane Street has told staff it will contest a ban by India's financial regulator which has accused the U.S. high-frequency trading giant of market manipulation, adding that its practices in question were "basic index arbitrage trading".

Sebi has order a ₹4,844 crore seizure from Jane Street entities, marking the largest action against a foreign firm.

India has gone from being a small player in the highly speculative equity derivatives market to the world’s largest, all within just five years. Daily turnover in the market now sits at around $3 trillion.