Tax Probe Targets Jane Street in Alleged Market Manipulation
The Income Tax Department has conducted a survey operation on broking companies as part of a tax evasion investigation involving Jane Street, a US-based trading firm accused of market manipulation. The Securities and Exchange Board of India (Sebi) had penalized Jane Street before allowing it to resume trading.

- Country:
- India
The Income Tax Department launched a survey operation on Thursday targeting the premises of several broking firms, in connection with a tax evasion probe against Jane Street. The US-based proprietary trading firm has been accused of market manipulation, according to official sources.
Authorities initiated this 'verification' exercise following actions by the Securities and Exchange Board of India (Sebi) against Jane Street. An interim order on July 3 saw Sebi find the firm guilty of manipulating indices by placing simultaneous bets in cash along with futures and options markets, leading to massive gains.
Sebi barred the hedge fund from market access and impounded gains amounting to over Rs 4,843 crore. Despite this, Jane Street was permitted to resume trading on July 21, post the mandated deposit of Rs 4,843.57 crore into an escrow account.
(With inputs from agencies.)
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