This episode revisits one of The Ken's most consequential stories from 2025.

When journalist Anand Kalyanaramn started investigating unusual patterns in India's options market, he uncovered alleged manipulation on a massive scale. Someone was controlling market movements to guarantee profits—making billions while regular traders lost everything. SEBI identified Jane Street as the culprit; and the firm is appealing the allegation.

Today, Anand explains how the alleged scheme worked, why India was vulnerable, and what this landmark case means for the future of fair markets.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.