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Axis Mutual Fund sacks fund manager facing charges of front running
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SME Times News Bureau | 20 May, 2022
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.
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