Market News: Ananth Narayan, a senior member of India’s Securities and Exchange Board (SEBI), has emerged as the face of one of the most significant crackdowns in the history of Indian financial regulation. A former derivatives trader turned watchdog, Narayan led the investigation that exposed alleged market manipulation by Jane Street, a US-based proprietary trading firm, in India’s financial markets.
Why did SEBI ban Jane Street from Indian markets?
In July 2025, Narayan signed SEBI’s explosive interim order barring Jane Street from the Indian markets and freezing Rs 4,843 crore (approximately $570 million) in alleged unlawful gains. The report accused the firm of manipulating Bank Nifty and Nifty index prices through coordinated expiry-day trades and aggressive high-frequency strategies. Thus, causing substantial harm to small Indian investors.
Jane Street is a global proprietary trading firm specialising in quantitative research and algorithmic trading. Founded in 2000, the firm operates worldwide with offices in New York, London, Hong Kong, Amsterdam and other cities.
Narayan didn’t mince words in the order, stating: “The JS Group is not a good faith actor… The faith of millions of small investors and traders can no longer be held hostage to the machinations of such an untrustworthy actor.” This indictment made headlines globally and marked a turning point in how foreign firms are being scrutinised in India’s financial ecosystem.
What do we know about Narayan and his crackdown against Jane Street?
What sets Narayan apart is his deep trading background. Before joining SEBI in 2022, he held senior roles at Deutsche Bank, Citigroup, and Standard Chartered, with extensive experience in currencies, rates, and derivatives. As the only SEBI board member with such experience, he was uniquely positioned to understand the intricacies of Jane Street’s trades, according to a Bloomberg report. He has even been consulted by Reserve Bank of India (RBI), when the central bank wanted to understand current market dynamics.
Bloomberg reports, citing colleagues, that only someone with his trading acumen could have cracked the complexity of the firm’s strategy. His investigation, involving multiple departments, identified patterns suggesting that Jane Street systematically profited at the expense of retail investors.
Narayan’s journey began in Kolkata, followed by engineering at IIT Bombay and an MBA from IIM Lucknow. He spent two decades in trading roles before turning to academia and regulation. Known for his low profile, precision, and risk management skills, Narayan reportedly keeps a sign in his office that reads: “First, do no harm,” a Bloomberg report states.
The report further adds that Narayan is a poker fan, particularly of Texas Hold’em. He sometimes gathers with old schoolmates to play it.