Nuvama Wealth Management Ltd, Jane Street's domestic trading partner, confirmed the IT action

PTI mumbai

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.