The Revenue Tax Department on Thursday launched search operations at Mumbai workplace of Nuvama Wealth Administration, in accordance with folks conversant in the matter. This was later confirmed by the corporate in an alternate submitting.
“The Revenue Tax Department is conducting a survey at this time,” it said within the submitting. It additionally added that the survey is but to be accomplished.
“The corporate is extending full co-operation with the authorities and sharing requisite data,” Nuvama stated, whereas additionally noting that it continues to function enterprise as ordinary.
A group of 8–10 tax officers is at present stationed at Nuvama’s head workplace, the place mid- to senior-level executives have been requested to stay on-site for questioning, sources advised NDTV Revenue. Officers are searching for entry to monetary data, together with books of account for the previous 5 monetary years, and paperwork associated to current buying and selling offers. The division can be verifying the presence of money, inventory inventories, and different precious belongings on the premises.
The searches observe SEBI’s enforcement motion in opposition to Jane Road Group, which was barred from accessing Indian securities markets and directed to deposit Rs 4,843.57 crore in alleged illegal beneficial properties into an escrow account. The agency had reportedly earned over Rs 43,000 crore in earnings by way of index choices buying and selling between January 2023 and March 2025.
Nuvama, which acted as Jane Road’s on-ground buying and selling accomplice in India, is now underneath search, sources stated. Whereas SEBI has since lifted the buying and selling ban, Jane Road stays underneath energetic surveillance and has scaled again its buying and selling volumes pending additional regulatory readability.
An official assertion on the matter from Nuvama is but to come back. The corporate didn’t reply to queries instantly.
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