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Shares of Nuvama Wealth Management fall 2.33% to close at Rs 7,239.2 apiece on the NSE.
Nuvama is the on-ground trading partner of Jane Street in India.
The income tax department is conducting surveys at the premises of Nuvama Wealth Management and Jane Street in Mumbai, CNBC-TV18 has reported citing sources. Nuvama is the on-ground trading partner of Jane Street in India.
Shares of Nuvama Wealth Management fell 2.33% to close at Rs 7,239.2 apiece on the NSE.
In a regulatory filing, Nuvama on Thursday said, “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.”
The survey is yet to be concluded. The company will make requisite disclosures, if any, to the stock exchanges under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company continues to operate business as usual, according to the filing.
“Further, we would like to state and confirm that the Company is compliant with the
provisions of Regulation 30 of the Listing Regulations and has been regularly submitting
necessary disclosures with the Stock Exchanges, as required thereunder, from time to time.
The Company shall continue to do the same in accordance with the provisions of the Listing
Regulations, as may be required from time to time,” Nuvama stated.
US hedge fund Jane Street was barred from Indian markets by SEBI on July 4, over allegations of index manipulation via derivatives. The market regulator claimed the firm had pushed up the Bank Nifty index by aggressively buying constituent stocks in both the cash and futures segments during early trade, while building short positions in index options to profit from the artificially elevated levels.
Jane Street refuted the charges, asserting that the transactions were part of a legitimate arbitrage strategy. To facilitate a return to trading, the firm parked Rs 4,843 crore in an escrow account, which SEBI termed as representing the alleged unlawful gains.
With the escrow deposit in place, SEBI revoked the trading ban last week, though the matter remains under legal review.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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