Track 01Module 5 of 58 sources
India's tape: auctions, algos and the Jane Street case
Know the rules that shape the NSE tape: sessions, closing auctions, expiry mechanics, algo rules and where regulators draw the line on manipulation.
Key ideas
- Settlement prices and closing mechanics decide option payoffs, so the last thirty minutes on expiry day follow different incentives from the rest of the week.
- The SEBI order against Jane Street describes cash, futures and options legs used together around expiry. It is the best free case study of cross-market mechanics in India.
- SEBI has been tightening index derivatives: fewer weekly expiries, larger contract sizes, upfront premium collection and intraday position monitoring.
- Retail algos now sit inside a formal framework. Know what your broker's API may and may not do.
Start hereWatch or read these first. They carry the core idea.
What Happens After the Market Closes? | In The Money by Zerodha
Video · In The Money by Zerodha · 25:59
What happens between the closing bell and the next open: settlement, clearing and obligations.
SEBI's new Closing Auction Session (CAS): What's changing and how the closing price is set
Video · Zerodha · 6:20
How the new closing auction session sets the closing price.
Explained: Why Sebi barred US trading giant Jane Street from Indian markets | Stock market news
Video · Business Standard · 2:59
The Jane Street matter in three minutes.
CoreThe standard references. Work through them once the idea is clear.
SEBI's Shocking Ban on Jane Street Explained
Video · Groww · 10:10
A longer walk through the alleged strategies.
Regulator
Interim Order in the matter of Index manipulation by Jane Street Group
SEBI · 2025
The primary source. Read the sections describing the two strategies. Skim the rest.
New F&O Closing Auction Rules Explained | How SEBI's New Norms Will Impact Traders
Video · NDTV Profit · 2:04
The closing auction rules for the derivatives segment.
SEBI Algo Trading Changes — April 2026: Static IPs & More
Video · In The Money by Zerodha · 21:34
The retail algo trading framework and what changed in April 2026.
Regulator
Circular: Measures to Strengthen Equity Index Derivatives Framework
SEBI · 2024
The circular that reshaped index derivatives. Primary source for contract size, expiry and margin changes.
Practice
On the next weekly expiry, watch Nifty from 14:45 to the close beside the option chain. Note how spot behaves near the strike with the most open interest.
See it live
Where this leads
02.5 · Options and Options FlowIndian F&O: the chain, open interest, expiry and the loss studiesRead the NSE option chain as a map of positioning, and know what SEBI's data say about who makes money.07.3 · Indian Market StructureDerivatives rules, expiries and what the regulator foundKnow the contract rules that shape Indian derivatives and the evidence on who makes money in them.