Indian tax authorities are probing Jane Street over suspected GAAR violations via Singapore entities on Indian derivative trades.

• Authorities suspect Jane Street used DTAA with Singapore to avoid taxes on billions in Indian market profits.
• SEBI earlier banned Jane Street, alleging index manipulation; the firm earned over $4B in India between Jan '23–May '25.
• Tax officials allege non-cooperation, seek access to overseas accounts; a tax demand may follow if violations are confirmed.