Axis Mutual Fund sacks fund manager facing charges of front running

  • IANS
  • Stock Market News
Axis Mutual Fund sacks fund manager facing charges of front running

New Delhi, May 20 (IANS) Axis Mutual Fund has sacked its chief trader and fund manager Viresh Joshi, with immediate effect, the fund house said.

On 4 May, Axis AMC had suspended Joshi and another fund manager.

Axis MF, in an official statement, said, "Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this investigation."

"Further to our ongoing investigation, his conduct and following the decision to suspend him, the employment of Mr Viresh Joshi (Chief trader and fund manager) with Axis AMC and Axis Mutual Fund has been terminated with effect from May 18, 2022," the company said.

Accordingly, Joshi ceases to be a key person of Axis AMC, the fund house said.

Joshi was said to be facing charges of front running or passing on tips of the mutual fund's trades to brokers in lieu of financial benefits.

There were media reports that the said fund manager seems to have been using a Lamborghini and buying luxury apartments in and around Mumbai. He is said to be on the payrolls of brokers and accumulated small and midcap stocks on behalf of the mutual fund.

--IANS

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  • Digvijay Singh Samyal @Digvijay Singh Samyal
    Morningstar gave BestFundHouse awards Year-2022 in Equity,Debt, MultiAsset & Overall to Axis Mutual Fund. Now looking at the #malpractices happening there;are the awards being recalled?It raises suspicion on Morningstar's reputation as well!
    Like 0
  • Paras Nath @Paras Nath
    These are 2pm flash crash guys using public money to crash the market by creating panic and earning huge benefit on their personal short positions under the garb of FII selling
    Like 1
  • F.M. Lakhani @F.M. Lakhani
    A clear case of criminal offence is being buried just by sacking employee !! This will damage credibility of Indian capital market in long run .
    Like 5
    • Dev Dutt @Dev Dutt
      So you are in favour of capital punishment ?
      Like 0
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