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.

A temporary trading ban imposed by India’s securities regulator on Jane Street Group LLC is fueling concerns that volumes in the nation’s bustling derivatives market may drop, hurting business at the top exchange.