Nuvama Under IT Department Scanner: Authorities Conduct Search In Mumbai Office

The Income Tax Department on Thursday launched search operations at Mumbai office of Nuvama Wealth Management, according to people familiar with the matter. This was later confirmed by the company in an exchange filing.

"The Income Tax Department is conducting a survey today," it stated in the filing. It also added that the survey is yet to be completed.

"The company is extending full co-operation with the authorities and sharing requisite information," Nuvama said, while also noting that it continues to operate business as usual.

A team of 8–10 tax officials is currently stationed at Nuvama’s head office, where mid- to senior-level executives have been asked to remain on-site for questioning, sources told NDTV Profit. Officials are seeking access to financial records, including books of account for the past five financial years, and documents related to recent trading deals. The department is also verifying the presence of cash, stock inventories, and other valuable assets at the premises.

The searches follow SEBI’s enforcement action against Jane Street Group, which was barred from accessing Indian securities markets and directed to deposit Rs 4,843.57 crore in alleged unlawful gains into an escrow account. The firm had reportedly earned over Rs 43,000 crore in profits through index options trading between January 2023 and March 2025.

Nuvama, which acted as Jane Street’s on-ground trading partner in India, is now under search, sources said. While SEBI has since lifted the trading ban, Jane Street remains under active surveillance and has scaled back its trading volumes pending further regulatory clarity.

An official statement on the matter from Nuvama is yet to come. The company did not respond to queries immediately.