Axis Mutual Fund under Sebi lens over suspected violations

Axis Mutual Fund under Sebi lens over suspected violations

India’s markets regulator Sebi is investigating a case of serious violations in the running of Axis Mutual Fund.

xis MF has in turn briefed the board of Axis Bank that it has removed the two fund managers from managing any of its funds pending investigations

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wo people with direct knowledge of the matter said. The suspected violation is a practice called front-running.

which can involve a fund manager buying or selling securities through their personal accounts ahead of the fund itself making those transactions.

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Because funds deal in large volumes, their actions tend to have an impact on the price and a front runner can make gains or avoid losses.

The officials involved in the case under investigation are Viresh Joshi and Deepak Agarwal.

Joshi was the head dealer and fund manager of five of the mutual fund schemes at Axis Mutual Fund. Agarwal was equity research analyst and fund manager for three mutual fund schemes.

"These two officials were removed from active management of any of the schemes, pending investigations.

They were removed earlier this week. The bank's board has also been briefed," said the first of the two people quoted above.

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