India's market regulator said it had barred U.S. trading company Jane Street from accessing the local securities market, after an investigation into its alleged market manipulation through positions taken in equities derivatives.

India’s stock market regulator has temporarily banned Jane Street from dealing securities in the country, accusing the New York-based trading firm of a “sinister scheme” to manipulate derivatives markets.

The Securities and Exchange Board of India (SEBI) has barred U.S.-based trading firm Jane Street Group and its affiliated entities from accessing the Indian securities market, citing alleged manipulation of the benchmark Nifty 50 index.