The Securities and Exchange Board of India (Sebi) has recently taken action against the global trading firm Jane Street which has triggered significant conversations around the Indian stock market and how it functions.

India's markets regulator has widened an investigation into alleged market manipulation by U.S. securities trading firm Jane Street to include other indexes and exchanges, a source familiar with the matter said.

Between 2019 and 2024, derivatives trading volumes in India skyrocketed nearly 40×, making it the world’s largest derivatives market by volume. Ahuja pointed out that the real game-changer was the rise of the retail trader.