How did US trader Jane Street allegedly cheat Indian markets to make ₹36,500 crore
ecurities and Exchange Board of India (SEBI), has taken unprecedented action against Jane Street, one of the world’s largest quantitative trading firms. The regulator has banned the US-based company and its affiliated entities from the Indian securities market and ordered them to return ₹4,843 crore in alleged unlawful profits. Jane Street has denied the accusations.
What is Jane Street and how big is it?
Jane Street is a global proprietary trading firm founded in 2000. It has more than 3,000 employees and offices across the US, Europe, and Asia. The firm operates in 45 countries. Its footprint in Asia is growing rapidly, especially in Hong Kong.
Know the latest trending news with HT. Read detailed articles here
According to a Reuters report, Jane Street had an annual revenue of $20.5 billion last year.
Jane Street’s operations in India
According to SEBI, Jane Street’s trading activity in India has been substantial. Between January 2023 and March 2025, it earned nearly $5 billion (about ₹36,671 crore) through index options trading.
Out of this, ₹4,843 crore is now under investigation as unlawful gains.
Jane Street first drew wider attention in India in 2023 when it sued a rival hedge fund, Millennium Management, in a US court. The case revealed that Jane Street had developed a profitable India-based options trading strategy, which earned it $1 billion in 2023 alone. The two firms settled the dispute later that year.
