Nuvama Wealth Management Ltd. (formerly Edelweiss Broking) has officially confirmed that the Income Tax Department is conducting a survey at its registered office under Section 133A of the Income Tax Act, 1961. The company clarified that the survey, which began on July 31, 2025, is still ongoing and that it is fully cooperating with authorities and sharing all requisite information.
This follows earlier media reports — including one by Business Upturn — that suggested IT officials were conducting search operations at Nuvama’s premises in connection with the high-profile Jane Street case. In response to the BSE’s request for clarification on the matter, Nuvama reiterated that it is compliant with all regulatory disclosure obligations and will make any required filings once the survey is completed.
Notably, Nuvama acted as Jane Street’s on-ground trading partner in India. Jane Street, a global proprietary trading firm, was recently barred by SEBI for alleged manipulation of stock indices through aggressive derivative positions, primarily in Bank Nifty. SEBI had directed Jane Street to return ₹4,844 crore in alleged illicit gains, which the firm deposited into an escrow account, following which its trading restrictions were lifted.
The current survey marks one of the most significant tax enforcement actions linked to capital markets in recent times. While no specific charges have been announced against Nuvama, the ongoing regulatory scrutiny appears to have rattled investor confidence.
The company has stated that its operations continue as usual.
Disclaimer: The information provided above is based on company filings and publicly available sources. It does not constitute investment advice. Investors are advised to do their own research or consult financial advisors before taking any decisions.
