Jane Street Reports $2.3 Billion Revenue from Indian Equity Derivatives in 2024

Surge in India Revenue Highlights Growing Market Importance for Jane Street

Jane Street Group LLC, a global quantitative trading giant, generated more than $2.3 billion in net revenue from equity derivatives in India during 2024, marking a sharp increase from its $1 billion revenue reported in 2023. This surge underscores India’s rising significance in Jane Street’s global trading footprint. The firm’s Indian operations contributed to over 10% of its record $20.5 billion net trading revenue globally last year, according to sources familiar with the matter.

Highlights:

• Jane Street’s India equity derivatives revenue exceeded $2.3 billion in 2024.

• India accounted for more than 10% of the firm’s $20.5 billion global net trading revenue.

• Sharp growth reflects India’s expanding role in Jane Street’s global strategy.

Regulatory Scrutiny Over Alleged Market Manipulation

The Securities and Exchange Board of India (SEBI) has launched an investigation into Jane Street’s derivatives trading amid allegations from some market participants claiming possible market manipulation. This probe follows similar regulatory scrutiny in India’s increasingly complex and active derivatives markets. However, a separate investigation by the National Stock Exchange (NSE) was closed last month after Jane Street’s Indian trading partner responded to inquiries.

Jane Street has declined to comment on its India performance or the ongoing SEBI probe.

Highlights:

• SEBI investigating Jane Street for alleged market manipulation in derivatives.

• NSE closed its separate probe after receiving a reply from Jane Street’s Indian partner.

• Jane Street declined comments on regulatory investigations and revenue.

India’s Booming Equity Derivatives Market and High-Frequency Trading Expansion

India’s derivatives market, the world’s largest by contracts traded, has seen rapid growth fueled by a retail investor boom and the surge in options trading. The options premium volume in India surged 11-fold over the five years to March 2025, attracting global high-frequency trading firms like Jane Street, Citadel Securities, and Optiver.

Foreign funds and domestic algorithm-driven proprietary firms recorded about $7 billion in gross profits in the year ending March 2024, according to a SEBI study. Jane Street’s algorithmic trading and technology-driven model, along with its ability to deploy capital independently of traditional banking constraints, has given it a strong competitive edge in India, especially through directional trades.

Highlights:

• India’s options premiums surged 11-fold over five years to March 2025.

• Jane Street is among 18 countries where it holds over 2% derivatives market share.

• High-frequency and algorithmic trading firms dominate India’s equity derivatives space.

Recent Slowdown in Options Trading Activity

While the market saw exponential growth since the pandemic, options trading in India has cooled down in 2025. Fees from options traded on the National Stock Exchange grew just 2% through April 2025, a significant slowdown compared to 92% growth in the same period last year.

This slowdown is attributed to SEBI’s regulatory measures introduced since November, including higher minimum investment limits and increased lot sizes aimed at protecting retail investors, about 90% of whom historically lost money trading options.

Highlights:

• Options trading fees grew by only 2% in early 2025, down from 92% growth last year.

• SEBI imposed restrictions on options trading to safeguard retail investors.

• Regulatory tightening has impacted trading volumes and market dynamics.