{"id":127741,"date":"2022-06-10T05:23:05","date_gmt":"2022-06-10T05:23:05","guid":{"rendered":"https:\/\/fin2me.com\/?p=127741"},"modified":"2022-06-10T05:23:05","modified_gmt":"2022-06-10T05:23:05","slug":"fired-fund-managers-of-axis-mutual-fund-could-be-banned-from-markets","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/fired-fund-managers-of-axis-mutual-fund-could-be-banned-from-markets\/","title":{"rendered":"Fired fund managers of Axis Mutual Fund could be banned from markets"},"content":{"rendered":"

The Securities and Exchange Board of India (Sebi) could soon issue interim orders imposing a market ban on the two former fund managers of Axis Mutual Fund (MF) for suspected front-running of trades, said people with knowledge of the development.<\/p>\n

<\/p>\n

“The market regulator has gathered prima facie evidence that demonstrates that the duo has violated the integrity of the market.<\/p>\n

“While a detailed investigation is still pending in the matter, Sebi could take action under Section 11 (4) to prevent further harm to the investors and the securities market,” said a source.<\/p>\n

Sebi passes interim orders in rare instances, when it thinks action is needed to protect the integrity of the market.<\/p>\n

Over the past few weeks, Sebi has carried out extensive search and seizure operations across multiple cities to gather evidence on alleged front-running.<\/p>\n

The regulator has seized various records, documents, and digital evidence from phones, laptops, and hard drives used by 16 suspected entities.<\/p>\n

The regulator has also been receiving inputs from its internal surveillance alert systems and also from the National Stock Exchange (NSE) on suspected front-running of trades at Axis MF.<\/p>\n

E-mails sent to Sebi and Axis MF did not elicit any response.<\/p>\n

Last month, Axis MF asked fund managers Viresh Joshi and Deepak Agarwal to leave the organisation due to alleged irregularities.<\/p>\n

The regulator, through an interim order, plans to restrain the duo from buying, selling, or dealing in securities, either directly or indirectly. A source said the regulator is in the process of ascertaining illicit gains made by the two and other connected entities.<\/p>\n

This will enable it to impound the bank accounts of these entities to the extent of alleged ill-gotten gains.<\/p>\n

Before terminating the duo, Axis MF had suspended both Agarwal and Joshi pending a probe.<\/p>\n

The fund house had reassigned responsibilities to other fund managers for seven schemes.<\/p>\n

The fund house has also roped in two agencies to investigate the front-running case.<\/p>\n

The agencies have been tasked with identifying lapses, ascertaining if other individuals were involved in any way.<\/p>\n

Joshi has been associated with Axis AMC since 2009 and was the chief trader and fund manager. His core responsibilities included managing arbitrage fund and derivatives trading strategies.<\/p>\n

He used to oversee Axis Arbitrage Fund, Axis Technology ETF, and Axis Consumption ETF. Agarwal joined Axis AMC in 2015 as a research analyst.<\/p>\n

He was promoted to assistant fund manager for equity in 2020. From 2021, he managed the Axis Quant Fund and the Axis Consumption ETF.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Board of India (Sebi) could soon issue interim orders imposing a market ban on the two former fund managers of Axis […]<\/p>\n","protected":false},"author":3,"featured_media":127740,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nFired fund managers of Axis Mutual Fund could be banned from markets - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/fired-fund-managers-of-axis-mutual-fund-could-be-banned-from-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fired fund managers of Axis Mutual Fund could be banned from markets - Fin2me\" \/>\n<meta property=\"og:description\" content=\"The Securities and Exchange Board of India (Sebi) could soon issue interim orders imposing a market ban on the two former fund managers of Axis [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/fired-fund-managers-of-axis-mutual-fund-could-be-banned-from-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-10T05:23:05+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2022\/06\/Fired-fund-managers-of-Axis-Mutual-Fund-could-be-banned-from-markets.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/fired-fund-managers-of-axis-mutual-fund-could-be-banned-from-markets\/\",\"url\":\"https:\/\/fin2me.com\/business\/fired-fund-managers-of-axis-mutual-fund-could-be-banned-from-markets\/\",\"name\":\"Fired fund managers of Axis Mutual Fund could be banned from markets - 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