Latest news with #NuvamaWealthManagement
Time of India
31-07-2025
- Business
- Time of India
I-T 'survey' at Nuvama's premises on Jane St link
Representational image (Agencies) MUMBAI: Nuvama Wealth Management said on Thursday that an I-T department survey is ongoing at its registered office, and the company is cooperating with authorities. Business operations continue as usual. Sources said the survey pertains to the firm's role as a service provider to Jane Street, whose trading strategy came under Sebi scrutiny, triggering regulatory action and a penalty. Nuvama stated that the survey was conducted under Section 133A of the Income Tax Act, which provides for a limited, non-intrusive visit during business hours to inspect records and verify income, without any seizure powers. A survey is distinct from an income tax search (commonly called a raid), which is a coercive action under section 132 to seize undisclosed assets based on credible evidence of tax evasion. Nuvama Wealth Management served as Jane Street's on-ground trading partner in India, providing the client accounts and infrastructure through which the U.S. quant firm executed its derivatives strategy. On July 3, Sebi barred Jane Street from Indian markets and impounded over Rs 4,800 crore in alleged illegal gains. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
News18
31-07-2025
- Business
- News18
Income Tax Department Conducts Raids At Premises Of Nuvama, Jane Street In Mumbai
Last Updated: 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. view comments First Published: July 31, 2025, 14:23 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Upturn
24-07-2025
- Business
- Business Upturn
Bernstein turns bullish on India's wealth management sector, initiates call on Nuvama, 360 One Wealth, and Anand Rathi
By Markets Desk Published on July 24, 2025, 08:32 IST As India's affluent population surges, Bernstein has initiated coverage on leading wealth management firms, calling the sector a compelling long-term play on rising household financialisation and private wealth growth. In its report titled 'Wealth Management in an Emerging Market: An Oxymoron No More' , Bernstein forecasts a multi-year growth opportunity and rising market penetration in the organised wealth advisory space. The brokerage noted that India's ultra-rich now hold over $2.7 trillion in wealth, laying the foundation for rapid expansion in financial services. Bernstein has given an outperform rating to Nuvama Wealth Management (formerly Edelweiss Securities) with a target price of ₹9,790/share, and to 360 One Wealth (formerly IIFL Wealth) with a target price of ₹1,410/share. Meanwhile, Anand Rathi Wealth has been rated market perform , with a target of ₹2,580/share. The brokerage highlighted that players like Nuvama and 360 One are well-positioned to tap into a growing pool of high-net-worth individuals (HNIs) and ultra-HNIs, supported by strong technology platforms, differentiated advisory models, and an expanding client base across India's tier-1 and tier-2 cities. While the industry still faces challenges like client stickiness, fee pressure, and competition from global players, Bernstein expects these firms to gain meaningful market share over the next decade as more Indians seek structured financial advice and portfolio diversification. Ahmedabad Plane Crash Markets Desk at
Business Recorder
09-07-2025
- Business
- Business Recorder
India's Adani Enterprises' public debt issue oversubscribed on launch day, bankers say
MUMBAI: Indian billionaire Gautam Adani's flagship firm saw strong demand for its second public bond issue in less than a year, with the offering oversubscribed on launch day, three merchant bankers said on Wednesday. Adani Enterprises plans to raise up to 10 billion rupees ($116.7 million) through the sale of two-, three- and five-year bonds. The issue opened for subscription earlier in the day and received bids worth 15 billion rupees as of 5 p.m. IST, the bankers said. It will now close on Friday, ahead of its earlier schedule of July 22, Adani Enterprises said in a public notice. 'We think the company will tap this market on a regular basis considering the strong response,' one of the bankers said. They are directly involved in the issue and requested anonymity as they are not authorised to speak to the media. Adani Enterprises to sell 2-5 year debt at public bond sale next week Adani Enterprises will pay an annual coupon of between 8.95% and 9.30%, they said. Corporates led demand for the issue, followed by high net-worth individuals and retail investors, they added. This is India's biggest public issue in 14 months and comes after a subdued first quarter where firms were able to raise only about 15 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services are the lead managers for the issue. Adani Enterprises did not immediately respond to a Reuters request for comment. Last September, the company raised 8 billion rupees in its debut public issue, offering yields 30-60 basis points higher across tenors. Adani Enterprises was able to garner over 7 billion rupees in bids on the first day until 5:00 p.m. IST last year.
Time of India
09-07-2025
- Business
- Time of India
CareEdge Ratings upgrades Nuvama Wealth's long-term rating
Representative image MUMBAI: CareEdge Ratings has upgraded the long-term credit rating of Nuvama Wealth Management to CARE AA with a stable outlook. The ratings agency has also reaffirmed its short-term rating at CARE A1+. The upgrade reflects Nuvama Wealth's strong financial performance, consistent profitability, and a well-diversified business model across wealth management, asset services, asset management, and capital markets, the company said in a statement. In its rating rationale, CareEdge Ratings said that the upgrade in ratings assigned to debt instruments of the Nuvama Group factored in healthy growth in the wealth management, asset services and capital market segments, which further strengthened its established market presence, and improved profitability, supported by a diversified business model. As of March 31, 2025, the group's consolidated client assets under advisory was up 24% on the year to Rs 4.3 lakh crore. Its consolidated profit after tax for FY25 was at Rs 985 crore, up 58% from Rs 625 crore in FY24. Currently, Nuvama Group serves over 12 lakh affluent customers and 4,250 HNI/UHNI (high networth/ultra high networth) families, making it the second-largest independent wealth management player in India, the company said. With strong capitalisation, a growing client base, and a stable outlook, Nuvama continues to demonstrate resilience and momentum in a dynamic financial landscape, it said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
