 "An office building that houses the Jane Street Group headquarters in New York")
US trading firm Jane Street is not cooperating with Indian income tax authorities in an ongoing investigation, news agency Reuters reported citing a government source. Officials told the news agency that the company is limiting access to key financial documents and technology infrastructure needed for the inquiry.
Income Tax Department officials claim that Jane Street’s servers are located outside India, and the firm is restricting access to them. “The books of accounts are also maintained outside the country, despite the requirement under Indian company law to maintain them in India,” a senior tax official told Reuters. He said the firm has only a “skeletal staff” in India, who are also not cooperating with tax authorities.
Trading partner Nuvama under tax survey
The Income Tax Department carried out a survey at Nuvama Wealth Management’s premises on Thursday. Nuvama is Jane Street’s Indian trading partner. This verification exercise is connected to earlier regulatory action by Securities and Exchange Board of India (Sebi) against Jane Street.
Officials are reportedly examining computer systems and account books of both Jane Street and Nuvama as part of the ongoing investigation, Reuters said.
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In a regulatory filing to the Bombay Stock Exchange (BSE), Nuvama confirmed the survey and said: “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 filing also mentioned that Nuvama’s operations remain unaffected.
Sebi had earlier barred Jane Street from Indian markets
On July 3, Sebi accused Jane Street of manipulating market indices by simultaneously placing trades in the cash, futures, and options segments to gain large profits.
The regulator temporarily barred the firm from Indian markets on July 4 and claimed the firm earned $4.23 billion (₹36,671 crore) through these trades between January 2023 and May 2025.
As part of a settlement condition, Jane Street deposited ₹4,843.57 crore (about $567 million) in an escrow account, representing what Sebi called “unlawful gains”. The firm has reserved the right to contest the charges legally.
Following the deposit, Sebi lifted the ban on July 21, allowing the company to resume trading. However, Jane Street has not yet returned to Indian markets.
Jane Street Group LLC is a global proprietary trading firm established in 2000. Headquartered in the US, it employs more than 2,600 people across offices in North America, Europe, and Asia. The firm trades in over 45 countries worldwide.
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