Jane Street plans to contest a finding by India's financial regulator that the U.S. trading firm engaged to manipulate the country's markets, the Financial Times reported on Monday.

India’s securities regulator plans to boost its surveillance systems to better detect complex trading strategies after taking action against high-speed trading giant Jane Street Group for alleged market manipulation.

On Friday, the Securities and Exchange Board of India barred the firm from buying and selling securities in the Indian market and also seized $567 million of its funds.