Jane Street: IT Dept conducts survey operation against Nuvama Wealth
Mumbai: The Income Tax Department on Thursday conducted a survey operation at the premises of brokerage firm Nuvama Wealth Management as part of an alleged tax evasion probe against Jane Street, the US-based proprietary trading firm accused of market manipulation, official sources said.
Sources stated the department is undertaking a “verification” exercise in the backdrop of a recent Sebi action against Jane Street. They added that officials are looking at the account books and computer records of the US firm and its local partners as part of the survey at the office premises.
Nuvama Wealth Management Ltd, Jane Street’s domestic trading partner, confirmed the IT action in a regulatory filing.
“The I-T Department is conducting a survey today, under Section 133A of the Income Tax Act, 1961, at the company’s registered office. The company is extending full co-operation with the authorities and sharing requisite information,” it informed the BSE. It added that the company “continues to operate business as usual.”
In an interim order issued on July 3, Sebi found Jane Street (JS) guilty of manipulating indices by simultaneously placing bets in cash along with futures and options markets to secure massive gains. As a result, Sebi barred the hedge fund from accessing the market and impounded over Rs 4,843 crore in gains. The probe found that JS made a profit of Rs 36,671 crore on a net basis during the probe period from January 2023 to May 2025. However, on July 21, Sebi permitted Jane Street to resume trading after the company deposited the mandated amount of Rs 4,843.57 crore into an escrow account.
Established in 2000, Jane Street Group LLC is a global proprietary trading firm in financial services industry. It employs over 2,600 people across five offices in the US, Europe & Asia. It conducts trading operations in 45 nations.
