**Jane Street’s Non-Cooperation in Indian Tax Investigation Raises Concerns**
India’s income tax department is facing challenges in its investigation of US trading firm Jane Street, as the company reportedly is not cooperating with authorities. A government source informed Reuters that Jane Street has been unresponsive during the ongoing inquiry.
The investigation involves a review of documents from Jane Street’s local offices and its trading partner, Nuvama Wealth. Sources familiar with the situation revealed that Jane Street’s servers are located outside India, which has hindered access to crucial information. Additionally, the firm’s financial records are maintained abroad, contrary to Indian company law that mandates such records be kept within the country. The source, who requested anonymity due to the confidential nature of the proceedings, noted that Jane Street has only a minimal staff present in India, and they too are not cooperating.
India’s tax authorities have not yet responded to inquiries regarding the investigation. Similarly, attempts to reach Jane Street’s headquarters in the U.S. outside of business hours have gone unanswered.
This scrutiny follows a temporary trading ban imposed by India’s markets regulator, SEBI, on July 4, which accused Jane Street of manipulating stock indexes through its derivatives positions. According to SEBI, the Jane Street group generated profits of $4.23 billion from trading activities in India between January 2023 and May 2025. In an effort to resume trading while protecting its legal rights, the firm has deposited $567 million into an escrow account, which SEBI has identified as “unlawful gains.”
Although SEBI has lifted the restrictions on Jane Street, the firm has chosen to refrain from trading in Indian markets.
**FAQ**
*What is the current status of Jane Street’s investigation in India?*
Jane Street is currently under investigation by India’s income tax department for alleged non-compliance and manipulation of stock indexes, and the firm is reportedly not cooperating with authorities.
