SEBI’s interim order against Jane Street has found easy public sympathy, painting the regulator as the champion of retail traders—the underdogs in India’s complex derivatives market. But while that storyline has appeal, the reality is far less black and white. For those willing to look past the populism and dive deep into the 105-page interim order, this case raises a more nuanced question: what exactly did Jane Street do wrong?The answer, based on SEBI’s interim findings, is anything but straightforward.
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