IT Dept surveys Nuvama Wealth Management over links with Jane Street

Income Tax Department carried out a survey at numerous workplaces of Nuvama Wealth Management Ltd, linked to Jane Street’s market manipulation on July 31, 2025, in line with sources.

Nuvama in its change submitting mentioned that it was absolutely co-operating with the earnings tax division within the search. The wealth administration agency was reportedly buying and selling in India for Jane Street. Queries despatched via electronic mail to Jane Street have been unanswered until 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 function enterprise as regular,” Nuvama mentioned in its change submitting. Further they confirmed that they have been compliant with the disclosure norms for Listing regulation.

The grounds of the searches weren’t identified and Nuvama maintained that the survey had not concluded. Nuvama’s share closed 2.5% to ₹7225 a share reacting to the information.

SEBI had discovered Jane Street in violation of FPI rules amongst others allegedly manipulating the spinoff market. The American firm which has its subsidiaries in India was banned from working within the securities market except the revenue of over ₹4800 crore have been transferred to SEBI in an escrow account, in line with SEBI’s interim order. Following this, Jane Street paid this and requested that the curbs be lifted including that it had all rights to its disposal. SEBI had then allowed the corporate to renew buying and selling because it had complied with the interim order.