Jane Street has told staff it will contest a ban by India's financial regulator which has accused the U.S. high-frequency trading giant of market manipulation, adding that its practices in question were "basic index arbitrage trading".

India’s securities regulator plans to boost its surveillance systems to better detect complex trading strategies after taking action against high-speed trading giant Jane Street Group for alleged market manipulation.

India’s market regulator SEBI has barred US-based Jane Street from trading in local securities, alleging manipulative trades that earned it ₹4,843 crore ($570 million) in unlawful gains