Jane Street categorically denied any wrongdoing. "We reject the premise and the substance of the Order in the strongest possible terms," the firm told employees in an email

On Thursday, Sebi issued an interim order barring the U.S.-based investment firm and its group entities from accessing the securities market in India, while directing them to disgorge ₹4,843.57 crore in alleged unlawful gains.

India's derivatives market has had explosive growth as retail investors swarmed in and is now the world's largest.