India tax authorities review documents at Jane Street, local partner Nuvama's offices, sources say (updated)

Nuvama Wealth Management

31/07/2025 13:19

Adds statement from the company and context

By Jayshree  P Upadhyay

July 31 (Reuters) - India's income tax authorities are reviewing documents across the local offices of U.S. trading firm Jane Street and its trading partner Nuvama Wealth NUVA.NS, two sources aware of the matter said on Thursday

     The sources requested anonymity as they are not authorised to speak to media.

India's markets regulator on July 4 temporarily banned Jane Street from trading in Indian markets, alleging the firm manipulated stock indexes through its derivatives positions.

The U.S. brokerage has deposited $567 million in an escrow account, representing what the regulator said are "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.

Nuvama said on Thursday evening that the review of the documents was still underway.

"The Company is extending full co-operation with the authorities and sharing requisite information," Nuvama said in a  statement to the exchanges.

Nuvama's shares closed 2.33% lower on Thursday, in a weak broader market.

Emailed queries sent to Jane Street and India's tax authorities were not answered.

 (Reporting by Reporting by Jayshree P Upadhyay; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

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