Overview

• The Income Tax Department has launched survey and search operations at the Mumbai offices of US trading firm Jane Street and its local partner Nuvama Wealth Management.
• Nuvama confirmed in an exchange filing that the I-T survey under Section 133A is ongoing and said it is fully cooperating with authorities while conducting business as usual.
• Jane Street is reportedly blocking access to servers and accounting records maintained offshore, complicating investigative efforts into its Indian operations.
• Investigators are examining alleged treaty-shopping via a Mauritius-based entity that may have enabled improper capital gains–tax exemptions.
• The tax probe follows SEBI’s early July interim order accusing Jane Street of manipulating the Bank Nifty index and prompted a ₹4,843 crore escrow deposit and temporary trading suspension.