IT Dept conducts survey operation in case against Jane Street

The Income Tax Department on Thursday conducted a survey operation on the premises of some broking companies as part of an alleged tax evasion probe against Jane Street, the US-based proprietary trading firm accused of market manipulation, official sources said.

Sources said the department was undertaking a “verification” exercise in the backdrop of a recent Sebi action against Jane Street. Sebi found Jane Street guilty of manipulating indices by simultaneously placing bets in cash along with futures and options markets to secure massive gains. Sebi barred the hedge fund from accessing the market and impounded over Rs 4,843 crore in gains. The probe found that JS made a profit of Rs 36,671 crore on a net basis during the probe period from January 2023 to May 2025.