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".

Sebi has order a ₹4,844 crore seizure from Jane Street entities, marking the largest action against a foreign firm.

The Securities and Exchange Board of India (SEBI) has flagged global proprietary trading firm Jane Street for allegedly manipulating Indian stock markets in an “unusual” way.