The lawsuit alleged that the traders had stolen a “ highly valuable, unique, and proprietary ” trading strategy, which was quickly revealed to revolve around India’s booming options market. Jane Street and Millennium settled the lawsuit in December, but judging from SEBI’s report it has cast a long (and expensive) shadow.

India has barred Jane Street from the country’s financial markets and said it would seize around $570 million that the U.S. securities firm made from allegedly fraudulent trades.

India's market regulator said it had barred U.S. trading company Jane Street from accessing the local securities market, after an investigation into its alleged market manipulation through positions taken in equities derivatives.