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

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.

As quant trading firm Jane Street faces regulatory heat in India, corporate filings show that its two local units—JSI Investments and JSI2 Investments—appear to be thinly staffed and are effectively controlled by foreign executives.