When a single trading firm generates five times more profit than its nearest competitor, regulators should ask uncomfortable questions. India's Securities and Exchange Board finally started asking them about Jane Street to ascertain if they crossed the line from legal arbitrage into potential index manipulation.SEBI's investigation into the US trading giant hopefully represents more than enforcement action against one firm. Jane Street's extraordinary profits expose fundamental structural flaws in India's options market that exchanges and regulators ignored for years while celebrating explosive volume growth.
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