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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Lawyers specialising in securities market matters say that since SEBI has passed an interim order, SAT could, without providing any kind of stay order, direct the regulator to pass a final order within a specified period.