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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 UITYsXhJ1tmXPC99ALOntsSDfrYfdA8M2ZoC7lRMolk5BG7ta8PZ5panFnvTZado
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<SEC-DOCUMENT>0000909518-08-000367.txt : 20080424
<SEC-HEADER>0000909518-08-000367.hdr.sgml : 20080424
<ACCEPTANCE-DATETIME>20080424114041
ACCESSION NUMBER:		0000909518-08-000367
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080420
FILED AS OF DATE:		20080423
DATE AS OF CHANGE:		20080424

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JEFFRIES GROUP INC
		CENTRAL INDEX KEY:			0000793964

	BUSINESS ADDRESS:	
		STREET 1:		201 PARK AVE SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CUMMING IAN M
		CENTRAL INDEX KEY:			0001213601

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-37417
		FILM NUMBER:		08773599

	MAIL ADDRESS:	
		STREET 1:		529 EAST SOUTH TEMPLE
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84102
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>cumming_form3ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-04-20</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000793964</issuerCik>
        <issuerName>JEFFRIES GROUP INC</issuerName>
        <issuerTradingSymbol>JEF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001213601</rptOwnerCik>
            <rptOwnerName>CUMMING IAN M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O LEUCADIA NATIONAL CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>315 PARK AVENUE SOUTH</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10010</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>30851110</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Explanation</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Reflects 30,851,110 shares of Jefferies common stock beneficially owned by Leucadia National Corporation (&quot;Leucadia&quot;).  The
 Reporting Person is a significant shareholder and Chairman of Leucadia.  The Reporting Person disclaims beneficial ownership
 of the Jefferies common stock owned by Leucadia, except to the extent of his pecuniary interest, if any.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Ian M. Cumming</signatureName>
        <signatureDate>2008-04-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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