Axis Mutual Fund Scam: Two Fund Manager Suspended

What is Axis Mutual Fund?

axis mutual fund scam

Axis Mutual Fund, one of the biggest name in the list of Mutual Funds. Axis Mutual Fund launched its first scheme in October 2009. Since then Axis Mutual fund has grown strongly. They attribute their success thus far to our 3 founding principlesLong term wealth creation, Outside in (Customer) view and Long term relationship. Come join our growing family of investors and give shape to your desires.

axis mutual fund history-1

What is Axis Mutual Fund Scam?

According to the sources, Axis Mutual Fund has removed Viresh Joshi, fund manager, and head trader from the fund management team of seven of its equity schemes. Also Deepak Agarwal, equity research analyst and fund manager has been removed from the management team of three funds. Both fund managers have been suspended in case of front running.

Investors should not make any changes in their portfolio till the rumors are confirmed and there is a statement from the fund house. Even after that, it remains to be seen if anything changes for your particular plan,” says Vishal Dhawan, Founder Plan Ahead Investment Manager.

The seven funds that have seen the management change are as following:-
Axis Consumption ETF, Axis Banking ETF, Axis NIFTY ETF, Axis Arbitrage Fund, Axis Quant Fund, Axis Technology ETF and Axis Value Fund.

axis mutual fund schemes

 

What is Front Running?

Front running occurs when a broker has specific details of a stock being bought or sold in large quantities and trades to take advantage of that stock. This practice is illegal in India.

 

Summary

SEBI is believed to have taken cognizance of the matter and initiated an investigation but there has been no official clarification from the regulator or the fund house.

According to mutual fund advisors, investors should not do anything for the time being and wait for the details. In this situation, Mutual fund investors should not make any changes to the schemes.

Tags:Axis Mutual Fund News, viresh joshi, axis mutual fund ,deepak agrawal, Axis mutual fund managers, front running, front running allegation

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Axis Mutual Fund Scam: Two Fund Manager Suspended

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