Speaking after the Indian regulator banned the trading firm pending a probe into market-manipulation, the firm said on Friday it disputes the ruling before pledging to continue working with the Indian authorities.

“Jane Street disputes the findings of the Securities and Exchange Board of Indian (SEBI) Interim Order and will further engage with the regulator,” a spokesperson said in an emailed statement. “Jane Street is committed to operating in compliance with all regulations in the regions we operate around the world.”

In the order dated Thursday, SEBI member Ananth Narayan directed the impounding of 48 billion rupees (£411 million) of Jane Street assets, after investigation into NIFTY index and BANK NIFTY index options trades by the firm.

The amount is based on an assessment of “unlawful” gains from an investigation into trades between January 2023 and March 2025, according to the order.

Jane Street Group has also been banned from engaging in the securities market pending further investigation, the regulator said, directing the firm to exit any existing derivatives positions.

“If the Entities have any open position(s) in any exchange-traded derivative contracts, as on the date of this Interim order, they can close out/square off such open positions within three months from the date of order or at the expiry of such contracts, whichever is earlier,” the interim order said. “The Entities are permitted to settle the pay-in and pay-out obligations in respect of transactions, if any, which have taken place before the close of trading on the date of this order.”

Jane Street operates four companies in the country: JSI Investments, JSI2 Investments, Jane Street Singapore and Jane Street Asia Trading. The firm has 21 days to appeal against the findings, the order said.

The Securities and Exchange Board of India (SEBI) introduced in November last year restrictions on the Indian index derivatives market aimed at protecting retail investors who have driven the growth in that segment over recent years.

Speaking to FOW ahead of the introduction of initial margin regulations in India in April, experts called for more clarity on regional rules.