IT Dept conducts survey operation in case against Jane Street

    Mumbai, Jan 31 (PTI) The Income Tax Department on Thursday conducted a survey operation at the premises of some broking companies as part of an alleged tax evasion probe against Jane Street, the US-based proprietary trading firm accused of market manipulation, official sources said.
    Sources stated the department is undertaking a "verification" exercise in the backdrop of a recent Sebi action against Jane Street.
    They added that officials are looking at the account books and computer records of the US firm as part of the survey at the office premises.
    The BSE said it has sought clarification from Nuvama Wealth Management Ltd, stated to be Jane Street's domestic trading partner, concerning reports about actions taken by the tax department in this matter.
    An email sent by PTI to Jane Street did not elicit a response immediately.
    In an interim order issued on July 3, Sebi found Jane Street (JS) guilty of manipulating indices by simultaneously placing bets in cash along with futures and options markets to secure massive gains.
    As a result, Sebi barred the hedge fund from accessing the market and impounded over Rs 4,843 crore in gains.
    The probe found that JS made a profit of Rs 36,671 crore on a net basis during the probe period from January 2023 to May 2025.
    However, on July 21, Sebi permitted Jane Street to resume trading after the company deposited the mandated amount of Rs 4,843.57 crore into an escrow account.
    Established in 2000, Jane Street Group LLC is a global proprietary trading firm in the financial services industry. It employs over 2,600 people across five offices in the US, Europe, and Asia, and conducts trading operations in 45 countries.

(This story has not been edited by THE WEEK and is auto-generated from PTI)