Jane Street is challenging India’s market regulator SEBI after being banned for allegedly manipulating Indian bank stocks to gain over $550 million. SEBI claims the US firm ran a deliberate plan, but Jane Street calls the charges “extremely inflammatory” and says its trades were standard arbitrage. The dispute traces back to a lawsuit Jane Street filed about stolen strategies. The firm insists it worked with local exchanges and plans to fight the ban within the 21-day window.