Jane Street is reportedly not cooperative with the Income Tax department’s ongoing investigation, sources said on Friday.
“The entity is not cooperating with the Income Tax Department or the ongoing investigation,” a source said. Further he added that Jane Street’s servers are located outside India and access to them has been blocked. “The books of accounts are also maintained outside the country, despite the requirement under Indian company law to maintain them in India. They have only a skeletal staff present here, who are also not cooperating,” he said.
On July 4, the Securities and Exchange Board of India (SEBI), passed an interim order concerning the alleged index manipulation by the Jane Street Group to recover one of the highest ever illegal gains amounting to ₹4,843.57 crore. The order targets four key entities under the Jane Street Group umbrella: JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading Ltd.
SEBI in its order noted that the group used a profit maximising scheme to manipulate the market and booked substantial profits in index options, while incurring smaller losses in the cash and futures segments. Then on July 21, SEBI allowed Jane Street to resume trading in the Indian stock markets after it deposited ₹4,843 crore in an escrow account, as per the regulators’ interim order.
However, SEBI added that the entities have been directed to cease and desist from directly or indirectly engaging in any fraudulent, manipulative or unfair trade practice or undertaking any activity, that may be in breach of extant regulations. This includes dealing in securities using any of the patterns identified or alluded to in the interim order. The entities have confirmed that they will comply with this.
On Thursday, the I-T department initiated a survey at Nuvama Wealth Management’s registered office in Mumbai under Section 133A of the Income Tax Act, marking an escalation in the market regulator’s investigation tied to Jane Street.
In an exchange filing, Nuvama said that the operation is still in progress and stated it is providing full cooperation. The firm has assured investors that business is continuing normally and that any material updates will be disclosed under SEBI’s Listing Obligations and Disclosure Requirements.
The survey is closely linked to SEBI’s ongoing probe into alleged market manipulation by Jane Street, in which Nuvama served as the US firm’s on‑ground trading partner in India.
Published on August 1, 2025
