SEBI has banned the firm from India’s securities markets. The drama has thrown a bright light on Jane Street, a company of legendary opacity even in an industry that prioritises secrecy. And it could carry political and regulatory consequences, not just for Jane Street, but for an entire, ascendant industry of marketmakers.

As India’s market regulator, the Securities and Exchange Board of India (SEBI) banned the trading giant Jane Street Group from the local markets, which affected the Indian stock exchanges’ equity market fortunes in the week.

A temporary trading ban imposed by India’s securities regulator on Jane Street Group LLC is fueling concerns that volumes in the nation’s bustling derivatives market may drop, hurting business at the top exchange.