The Economic Times daily newspaper is available online now.

    Axis Mutual Fund sacks chief dealer and fund manager Viresh Joshi

    Synopsis

    Joshi was associated with Axis Mutual Fund since 2009 in the capacity of chief trader and an equity fund manager.

    moneyTHE TIMES OF INDIA NEWS SERVICE
    Axis Mutual Fund has terminated the services of its chief trader and fund manager Viresh Joshi who was earlier suspended on allegations of front-running. "Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this ongoing investigation. Further to our investigation, his conduct and following the decision to suspend him, the employment of Mr. Viresh Joshi has been terminated with effect from May 18, 2022, and he will no longer have any association whatsoever with Axis AMC and Axis Mutual Fund. Accordingly, Mr Viresh Joshi ceases to be a key person of Axis AMC" a statement from Axis Mutual Fund said.

    Joshi was associated with Axis AMC since 2009 in the capacity of a chief trader and an equity fund manager.

    Earlier this month, Axis Mutual Fund removed Viresh Joshi from the fund management team of seven of its equity schemes. The fund house had suspended another fund manager Deepak Agrawal. "Axis AMC has been conducting a suo moto investigation over the last two months (since February 2022). The AMC has used reputed external advisors to aid the investigation. As part of the process, two fund managers have been suspended pending investigation of potential irregularities," Axis Mutual Fund had said earlier.

    Front running is when a broker has exclusive details of a stock being bought or sold in large quantities and trades that stock to benefit from it. The practice is illegal in India.

    Read more: Under scanner for front running? Axis Mutual Fund suspends two fund managers.
    ( Originally published on May 19, 2022 )
    The Economic Times

    Stories you might be interested in