India’s securities regulator plans to boost its surveillance systems to better detect complex trading strategies after taking action against high-speed trading giant Jane Street Group for alleged market manipulation.

At the heart of the controversy is Jane Street’s aggressive trading in the derivatives (futures) segment, where the firm executed trades designed not just to profit, but to sway the market itself. Here's how.

The lawsuit alleged that the traders had stolen a “ highly valuable, unique, and proprietary ” trading strategy, which was quickly revealed to revolve around India’s booming options market. Jane Street and Millennium settled the lawsuit in December, but judging from SEBI’s report it has cast a long (and expensive) shadow.