Jane Street, a secretive high-frequency trading firm, saw its lucrative Indian options strategy exposed during a lawsuit alleging former traders stole proprietary methods. The revelation highlighted how the firm capitalized on pricing imbalances in India’s rapidly growing retail-driven options market, generating billions while raising concerns about fairness. Regulators at SEBI accused Jane Street of manipulating index prices through aggressive stock trades to benefit their options positions—a practice they deny, calling it standard arbitrage. The controversy underscored a widening gap between sophisticated algorithms and inexperienced individual traders, many of whom lost significant money. Despite public backlash and regulatory scrutiny, including a temporary trading ban later lifted after a $500 million deposit, Jane Street maintained its practices improved market efficiency. Meanwhile, affected retail traders like Venki grapple with losses, caught between personal ambition and systems they don’t fully understand.