Nuvama Wealth Management confirms Income Tax Dept survey at its Mumbai premises

Nuvama Wealth Management confirms Income Tax Dept survey at its Mumbai premises

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Nuvama Wealth Management on July 31 confirmed Income Tax Dept survey at its Mumbai premises.

"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," said Nuvama Wealth in a stock exchange filing.

"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. The Company continues to operate business as usual," the company added.

Earlier on July 31, CNBC-TV18 reported citing sources that Income Tax Department also conducted surveys at Jane Street's premises in Mumbai.

Nuvama is the on-ground trading partner of Jane Street in India.

The Securities and Exchange Board of India (SEBI) had on July 4 barred US hedge fund Jane Street from trading in Indian markets, alleging the firm manipulated stock indexes through its derivatives positions.

Jane Street has since deposited Rs 4,843 crore in an escrow account, representing what SEBI termed "unlawful gains," in a bid to resume trading while reserving its legal rights. The firm has denied the allegations and called the trades basic arbitrage.

However, SEBI lifted the trading restrictions on Jane Street last week after the firm deposited Rs 4,843 crore in escrow.

SEBI said the firm had bought large quantities of stock in constituents of the Bank Nifty index, in both the cash and futures markets, during morning trade to artificially support the index, while simultaneously building large short positions in index options.