India has been a money machine for Jane Street, netting the trading giant more than $4bn in profits in just over two years. But it is now the source of a scandal that is imperilling the Wall Street firm’s golden run.

This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get the latest news from India and how it matters to the world.

While the ban is focused on a single player, many believe it may have wider effects on liquidity, trading volumes, investor confidence, and even foreign investor behaviour.