Jane Street Effect: Income Tax Dept Executes survey against Nuvama Wealth:

Jane Street Effect: Income Tax Dept Executes survey against Nuvama Wealth On July 31, Nuvama Wealth Management confirmed the Income Tax Department investigation at the Mumbai premises. Nuvama Wealth, in a stock exchange filing, said, "The Income Tax Department executed an investigation on July 31, under Section 133A of the Income Tax Act, 1961, at the Company's Registered office. The Company is extending full cooperation with the authorities and sharing requisite information."

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The company additionally said, "The survey is yet to be concluded. The Company will make necessary disclosures, if any, to stock exchanges under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company continues to operate business as usual." Nuvama maintained that the investigation had not concluded. Nuvama's share closed 2.5% to Rs 7225 a share, reacting to the news. SEBI had found Jane Street in violation of FPI regulations, among others, allegedly influencing the financial derivative market. One of the American companies that has its subsidiaries in India was banned from operating in the securities market except if the profit of over Rs 4800 crore was transferred to SEBI in a Trusted account, according to SEBI's interim order. Nuvama Wealth is an on-ground trading partner of Jane Street in India.

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Considering the above, Jane Street paid this and asked that the limit be lifted and added that it had all rights to its disposal. SEBI had then permitted the company to continue trading, as it had cooperated with the interim order.