It’s just political. Who is allowed to manipulate and who pays their dues to be able to.
In this case it was Millenium ratting out on Jane Street, but now the entire HFT industry is under extreme scrutiny by SEBI as a result [0]
[0] - https://www.sebi.gov.in/enforcement/orders/jul-2025/interim-...
Millenium called it out and now everyone will be getting the hammer. Jane Street was also dumb enough to do this during the General Election, so now Indian regulators have to do something. This plus the Adani prosecution is a quick win to restore confidence in SEBI.
But Jane Street? Running the most heinous of illegal operations. A clear example of manipulating India's markets. Ok, sure.
[0] - https://www.reuters.com/sustainability/boards-policy-regulat...
> Jane Street sued Millennium, Schadewald and Spottiswood in April [2024], claiming the two traders had taken an “immensely valuable” trading strategy with them. It later emerged at a court hearing that the strategy involved India options and had generated $1 billion in 2023 profits for Jane Street.
bwfan123•6h ago
Two strategies are detailed with trades: 1) expiry day price discrepancies between index options and underlying 2) expiry day painting the close
steveBK123•10m ago
maest•8m ago