After SEBI’s action against US trading firm Jane Street over alleged stock manipulation, veteran investor Raamdeo Agrawal has offered a grounded message to retail investors.
“See, in any case in trading, very few make money and I’m absolutely zero on trading in the sense,” the Motilal Oswal Financial Services co-founder told Business Today Group Editor Siddharth Zarabi. “But then the guys who are masters of it, those who have proficiency in handling a lot of data, and they’re using a lot of computers…and they have what you call that gut feel of trading – they’ve done well.”
His advice: stick to what works, but be realistic. “If in the last two-three years of your trading, if you’re making money then who stops you? It is your way of making money in the stock market. If there are billion guys in the market, there are billion ways of making money. This is your way of making money. Continue with that.”
Agrawal’s remarks come just days after SEBI barred Jane Street from Indian markets and directed the group to disgorge Rs 4,843.57 crore in alleged unlawful gains, citing repeated manipulative trades during options expiry sessions – despite prior warnings from NSE.
According to SEBI’s interim order, Jane Street entities were found to have manipulated index levels on expiry days – a critical window that determines prices of derivatives contracts. Between January 2023 and March 2025, the group allegedly made over Rs 43,000 crore in profits on the National Stock Exchange (NSE) by engaging in what SEBI called “extended marking the close” trades to unfairly tilt index levels.
Despite repeated warnings from the NSE – including a caution letter issued in February 2025 – the group allegedly continued the pattern in May 2025. SEBI noted that this raised “serious concerns about investor protection on an extraordinary scale.”
Zerodha CEO Nithin Kamath said that if the allegations are true, it’s blatant market manipulation. “That said, there’s a flip side. Prop trading firms like Jane Street account for nearly 50% of options trading volumes. If they pull back – which seems likely – retail activity (~35%) could take a hit too.”
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
