India’s market regulator SEBI has  frozen Rs 4,843 crore belonging to Jane Street, a big global trading firm, because it believes the company manipulated the Indian stock market to make illegal profits. SEBI’s order stops Jane Street from buying or selling any more Indian stocks and blocks them from moving money out of their Indian accounts without permission.

But SEBI’s action might not stop here. According to reports, SEBI could dig even deeper into Jane Street’s trading activity. The regulator is considering a wider investigation that could look at Jane Street’s trades across different stock indices and exchanges, not just the ones already mentioned in the order. SEBI has also told stock exchanges to keep a close watch on any future trades by Jane Street, to make sure the same kind of trading doesn’t happen again.

Jane Street has 21 days to respond to SEBI’s order and can ask for a hearing, but until SEBI says otherwise, all restrictions will stay in place. The company says it disagrees with SEBI’s findings and plans to work with the regulator to clear things up.

SEBI’s investigation is likely to take time, especially given how complex and large the alleged violations are. The regulator has said that if, after a full investigation, it turns out Jane Street didn’t actually manipulate the market, the frozen money will be returned and the company can go back to business. But for now, SEBI seems ready to look even more closely at Jane Street’s market moves to protect the integrity of India’s financial markets.