New Delhi: Axis Asset Management It has said that it is cooperating with regulatory authorities amid reports of Sebi making “search and seizure” on several entities in connection with the ongoing probe in the fund house case. “Axis AMC with the help of reputed external consultants is conducting suo motu investigation since February 2022.
While the review process is still ongoing, additional action has been taken as part of the ongoing investigation, and various enhancements are being implemented based on the findings so far,” the fund house said in a statement issued late Sunday.
The statement came after reports that Sebi was conducting search and seizure operations in several entities including offices. Axis Mutual FundAs a part of the ongoing investigation into alleged wrongdoings by stockbrokers and individuals, two former fund managers of the fund house.
In this regard, the fund house said, “Axis AMC continues to work and cooperate with regulatory authorities”.
The fund house said that stringent action has already been taken in respect of termination of employment in respect of two fund managers of equity mutual fund schemes where the AMC has reason to believe that there may be violation of securities law.
Earlier, Axis Bank-promoted mutual fund terminated its chief trader and fund manager Viresh Joshi on May 18 and fund manager Deepak Agarwal on May 20, facing charges of front-running. It was alleged that two fund managers allegedly made illegal profits through front-running.
Axis AMC, however, did not elaborate on the violations that led to the sacking of the two fund managers.
Front-running refers to an illegal practice in the stock market where an entity trades on the basis of advance information from a broker or analyst before making the information available to its clients.
Axis AMC, one of the country’s leading mutual funds with assets under management of Rs 2.59 lakh crore, is facing charges of front running and an alleged regulatory probe.
While the review process is still ongoing, additional action has been taken as part of the ongoing investigation, and various enhancements are being implemented based on the findings so far,” the fund house said in a statement issued late Sunday.
The statement came after reports that Sebi was conducting search and seizure operations in several entities including offices. Axis Mutual FundAs a part of the ongoing investigation into alleged wrongdoings by stockbrokers and individuals, two former fund managers of the fund house.
In this regard, the fund house said, “Axis AMC continues to work and cooperate with regulatory authorities”.
The fund house said that stringent action has already been taken in respect of termination of employment in respect of two fund managers of equity mutual fund schemes where the AMC has reason to believe that there may be violation of securities law.
Earlier, Axis Bank-promoted mutual fund terminated its chief trader and fund manager Viresh Joshi on May 18 and fund manager Deepak Agarwal on May 20, facing charges of front-running. It was alleged that two fund managers allegedly made illegal profits through front-running.
Axis AMC, however, did not elaborate on the violations that led to the sacking of the two fund managers.
Front-running refers to an illegal practice in the stock market where an entity trades on the basis of advance information from a broker or analyst before making the information available to its clients.
Axis AMC, one of the country’s leading mutual funds with assets under management of Rs 2.59 lakh crore, is facing charges of front running and an alleged regulatory probe.