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, based on its “illegal gains” as the board judged them.

By Jayshree P Upadhyay, Ira Dugal and Scott Murdoch MUMBAI (Reuters) -Indian regulators barred U.S. securities trading company Jane Street from the local market until further orders and seized $567 million of its funds,

India’s stock market regulator has banned Jane Street from dealing securities in the country, accusing the New York-based trading firm of a “sinister scheme” to manipulate derivatives markets. The Securities and Exchange Board of India said its decision to limit Jane Street’s access to India’s securities markets stemmed from a months-long investigation.