U.S. proprietary trading outfit Jane Street has been accused by the Indian Securities and Exchange Board of index manipulation on its exchanges and walloped with a financial penalty of around $570 million,

By Ira Dugal, Jayshree P Upadhyay and Scott Murdoch MUMBAI (Reuters) -Indian regulators barred U.S. securities trading company Jane Street from the local market and seized $567 million of its funds, saying an investigation found it manipulated stock indices through positions taken in derivatives.

The Securities and Exchange Board of India (SEBI) has flagged global proprietary trading firm Jane Street for allegedly manipulating Indian stock markets in an “unusual” way.