Jane Street plans to contest a finding by India's financial regulator that the U.S. trading firm engaged to manipulate the country's markets, the Financial Times reported on Monday.

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.”

India’s securities regulator plans to boost its surveillance systems to better detect complex trading strategies after taking action against high-speed trading giant Jane Street Group for alleged market manipulation.