New Delhi, July 5 -- The recent action by the Securities and Exchange Board of India (Sebi), the stock market regulator, against global trading firm Jane Street, has reignited a critical conversation around the Indian stock market's functioning. Billionaire banker and industry veteran, Uday Kotak, weighed in on the development, highlighting three key structural concerns: the growing influence of money power, the disparity in liquidity between index derivatives and single stocks, and the business models of exchanges and brokers being increasingly volume-driven rather than fundamentally anchored.

"Recent stock market actions signify 3 aspects: money power, low liquidity in single stocks vs index derivatives, exchange, broker business model...