Jane Street has been barred from the Indian securities market by its markets regulator, which has said the U.S. firm used its trading strategies to "manipulate" a key stock market index, leading to losses for millions of retail investors,

India has barred Jane Street from the country’s financial markets and said it would seize around $570 million that the U.S. securities firm made from allegedly fraudulent trades.

India’s regulator has temporarily barred Jane Street from accessing the local securities market, dealing a severe hit to the US firm that allegedly made $4.3 billion in trading gains in the South Asian nation in more than two years.