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13h ago

Income Tax Department Conducts Survey at Jane Street, Nuvama Mumbai Offices

The move intensifies financial scrutiny after SEBI allowed the firm back into markets once it deposited disputed gains in escrow.

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Jane Street: Income tax department conducting surveys at Nuvama Wealth, says report
Nuvama Wealth clarifies on I-T survey; stock slips 2%
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Overview

  • The Income Tax Department on July 31 conducted survey operations under Section 133A of the Income Tax Act at the Mumbai offices of Jane Street and its local partner Nuvama Wealth Management.
  • These surveys form part of a tax evasion probe into suspected financial irregularities tied to trading strategies that SEBI said manipulated Bank Nifty derivatives.
  • In early July, SEBI barred Jane Street from Indian markets and froze ₹4,843 crore in alleged unlawful gains over expiry-day index manipulation.
  • After depositing roughly ₹4,843 crore in escrow by mid-July, Jane Street resumed trading on July 21 but remains under SEBI’s ongoing legal review and enhanced market surveillance.
  • Shares of Nuvama slipped about 2% following the survey news, and both firms have affirmed full cooperation with authorities.