Nuvama Shares Slide Over 10?ter SEBI Action Against Trading Partner Jane Street

Mumbai- Shares of Nuvama Wealth Management tumbled more than 10% on Friday after the Securities and Exchange Board of India (SEBI) took action against Jane Street, a US-based trading firm, barring it from participating in India’s equity markets and ordering it to deposit alleged illegal gains of ?4,843.5 crore into a SEBI-designated account.

Jane Street is known to be Nuvama’s trading partner for transactions in the Indian stock markets.

As of 12:45 p.m., shares of Nuvama Wealth were trading at ?7,408.50 on the National Stock Exchange (NSE), down 9.45% from the previous day’s closing price.

The stock opened on a weak note at ?7,940, falling ?235 from the previous close of ?8,175.50. The selling pressure intensified following SEBI’s action, dragging the stock to an intra-day low of ?7,280.50—a decline of over 10%.

For context, Nuvama’s 52-week high and low stand at ?8,508.50 and ?4,600, respectively.

SEBI’s crackdown wasn’t limited to Jane Street alone; three other entities linked to the US-based trading firm were also barred from accessing Indian markets. The regulator directed these entities to deposit ?4,843.5 crore in gains allegedly obtained through illegal trading of options.

SEBI also ordered the freezing of bank accounts belonging to JSI2 Investments Private Limited, Jane Street Singapore Private Limited, and Jane Street Asia Trading Limited.

According to SEBI’s interim order, Jane Street generated profits of ?43,289.33 crore from index options trading on Indian exchanges between January 1, 2023, and March 31, 2025.

The order highlights that Jane Street allegedly manipulated markets by aggressively purchasing cash sector and Bank Nifty futures in the morning, followed by significant selling of Bank Nifty options during the afternoon trading session across 14 expiry days.

With inputs from IANS