New Delhi, July 24 -- The Jane Street episode seems to have stirred some 20th century nostalgia, with badla trading-banned in 2001 after the Ketan Parekh scandal-posited as an answer to stock-market manipulation. Badla was an indigenous mix of cash and forward markets.

It allowed traders not to settle their trades within the timeframe they were meant to be settled on a cash basis, but carry them forward by paying a small badla fee for that benefit.

What replaced it was the global practice of using derivatives like futures and options (F&O), contracts that let traders hedge their bets or speculate on future price movements.

Also read: The data is clear: you should stop trading and invest in mutual funds instead

Fans of badla argue the ...