The Exchange has sought clarification from Nuvama Wealth Management Limited with respect to recent news item captioned Jane Street effect: Nuvama shares slump 7% after Sebi order. What's the connection?. The response from the Company is attached.
NUVAMA · price
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Nuvama responded to NSE's query about a news article titled 'Jane Street effect: Nuvama shares slump 7% after Sebi order.' The company clarified it is not privy to any negotiations mentioned in the article. It stated that no event requiring disclosure under SEBI Listing Regulations has occurred. The article referred to ongoing regulatory action against one of Nuvama Group's institutional clients in the Institutional Equities and Asset Services businesses, which the company is monitoring closely. Nuvama emphasised it has a large, diversified institutional client base and remains on track with its business objectives.
Shares had already dropped 7% on news linking Nuvama to the Sebi action against its client. The company's denial of any direct regulatory exposure and confirmation of compliance may help reassure investors, though the stock remains sensitive to developments in the case against the client.