Income Tax Department conducted a survey at various offices of Nuvama Wealth Management Ltd, linked to Jane Street’s market manipulation on July 31, 2025, according to sources.
Income Tax Department conducted a survey at various offices of Nuvama Wealth Management Ltd, linked to Jane Street’s market manipulation on July 31, 2025, according to sources.
Nuvama in its exchange filing said that it was fully co-operating with the income tax department in the search. The wealth management firm was reportedly trading in India for Jane Street. Queries sent through email to Jane Street were unanswered till press time.
“The Income Tax 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…The survey is yet to be concluded. The Company will make requisite disclosures, if any, to the Stock Exchanges under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). The Company continues to operate business as usual,” Nuvama said in its exchange filing. Further they confirmed that they were compliant with the disclosure norms for Listing regulation.
The grounds of the searches were not known and Nuvama maintained that the survey had not concluded. Nuvama’s share closed 2.5% to ₹7225 a share reacting to the news.
SEBI had found Jane Street in violation of FPI regulations among others allegedly manipulating the derivative market. The American company which has its subsidiaries in India was banned from operating in the securities market unless the profit of over ₹4800 crore were transferred to SEBI in an escrow account, according to SEBI’s interim order. Following this, Jane Street paid this and asked that the curbs be lifted adding that it had all rights to its disposal. SEBI had then allowed the company to resume trading as it had complied with the interim order.
Published – July 31, 2025 11:12 pm IST
