India is stepping up scrutiny of Wall Street trading institutions. In the country's $5 trillion stock market, securities regulators are becoming more active, even targeting well-known international institutions such as J.P. Morgan Chase. India's Securities and Exchange Commission recently charged J.P. Morgan Chase's Mauritian subsidiary with carrying out manipulative stock transactions. Last year, SEBI also accused US financial giant Jane Street of manipulating the market, one of its strongest actions against foreign-funded institutions. Jane Street has denied the allegation. People familiar with the matter said that SEBI has sent internal signals indicating that it will be more proactive in reviewing the trading activities of domestic and foreign institutions to further protect retail investors. Since the matter was not made public, people familiar with the matter requested anonymity. Since this year, other major international institutions such as Bank of America and investment giant Capital Group have also entered the eyes of Indian regulators. This is in stark contrast to previous decades where foreign securities institutions were rarely penalized in India. Today, Indian regulators are aligning themselves with the standards required by US and European regulators.

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