Income Tax Department Conducts Raids At Premises Of Nuvama, Jane Street In Mumbai
As of 2:20 pm on Thursday, shares of Nuvama Wealth Management were trading 1.74% lower at Rs 7,279 apiece.
The income tax department is conducting surveys at the premises of Nuvama Wealth Management and Jane Street in Mumbai, CNBC-TV18 has reported citing sources. Nuvama is the on-ground trading partner of Jane Street in India.
As of 2:20 pm on Thursday, shares of Nuvama Wealth Management were trading 1.74% lower at Rs 7,279 apiece.
US hedge fund Jane Street was barred from Indian markets by SEBI on July 4, over allegations of index manipulation via derivatives. The market regulator claimed the firm had pushed up the Bank Nifty index by aggressively buying constituent stocks in both the cash and futures segments during early trade, while building short positions in index options to profit from the artificially elevated levels.
Jane Street refuted the charges, asserting that the transactions were part of a legitimate arbitrage strategy. To facilitate a return to trading, the firm parked Rs 4,843 crore in an escrow account, which SEBI termed as representing the alleged unlawful gains.
With the escrow deposit in place, SEBI revoked the trading ban last week, though the matter remains under legal review.
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First Published:
July 31, 2025, 14:23 IST
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