U .S. proprietary trading outfit Jane Street has been accused by the Indian Securities and Exchange Board of index manipulation on its exchanges and walloped with a financial penalty of around $570 million, based on its “illegal gains” as the board judged them.

By Jayshree P Upadhyay, Ira Dugal and Scott Murdoch MUMBAI (Reuters) -Indian regulators barred U.S. securities trading company Jane Street from the local market until further orders and seized $567 million of its funds,

The strategy was straightforward - aggressively buy select Bank Nifty index stocks in the morning and sell them just as forcefully later in the day, triggering a sharp drop in share prices.