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.

This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get the latest news from India and how it matters to the world.

Whether arbitrage or manipulation, the Jane Street episode highlights a critical truth: markets need more transparency, more accountability, and more human judgment.