Mumbai, Jul 31 (PTI) The Income Tax Department on Thursday conducted a survey operation at the premises of brokerage firm Nuvama Wealth Management 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 and its local partners as part of the survey at the office premises.

Nuvama Wealth Management Ltd, Jane Street's domestic trading partner, confirmed the IT action in a regulatory filing.

"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," it informed the BSE.

It added that the company "continues to operate business as usual." Meanwhile, an email sent by PTI to Jane Street did not elicit a response.

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. PTI NES MPL MPL MPL

Tax survey under Section 133A targets trading records after securities regulator's finding of market manipulation; firm cooperating. An income-tax survey was conducted at the premises of the domestic trading partner under Section 133A to verify account books and computer records in connection with a securities regulator's finding of market manipulation. The local firm confirmed cooperation and continued operations. The survey follows an interim securities order that imposed market access restrictions, impounded alleged gains, and later allowed trading to resume after the firm deposited the required amount into an escrow arrangement.