Jane Street has told staff it will contest a ban by India's financial regulator which has accused the U.S. high-frequency trading giant of market manipulation, adding that its practices in question were "basic index arbitrage trading".

A study by the Securities and Exchange Board of India found that retail investors lost more than $20 billion on option trades over three years. On July 4, SEBI announced it would seize 48.4 billion rupees ($570 million) from trading giant Jane Street Group,

In an internal memo to its 3,000 employees, Jane Street’s senior management expressed being “beyond disappointed” by SEBI’s accusations and said it was “working on a formal response.”