The Securities and Exchange Board of India’s interim order against Jane Street Group for alleged index manipulation has unsettled market participants. This is not just about one global trading firm’s aggressive tactics. It’s a test of whether institutions entrusted with safeguarding India’s capital markets are fulfilling their fiduciary responsibility.To understand the full implications, we need to look closely at the roles and possible lapses of the National Stock Exchange and its index arm, NSE Indices Limited.
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