[l23k4]

No, all you can read into that is where they believe the fair value to be. If it landed in the middle, you'd obviously have to pick up a much larger delta in options given the liquidity issues on Indian markets.

>They were moving the market to suit their positions.

They were correcting a mispricing, not creating one.

[tock]

Lets see how that reasoning works out in court then. SEBI sent them a caution notice earlier asking them to stop and they didn't. Calling it a "simple arbitrage" is silly.

[l23k4]

Given that India lacks a functioning judiciary, we might be waiting a while. Plenty of cases over 30 years old waiting for supreme court rulings.