Axis Mutual Fund sacks fund manager on charges of front running

NEW DELHI: 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.