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Axis AMC terminates employment of chief trader and fund manager Viresh Joshi

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Axis AMC terminates employment of chief trader and fund manager Viresh Joshi

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Axis AMC in a statement said that it has been conducting a suo moto internal investigation since February this year which has led to Joshi’s termination.

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Asset Management Company Axis Mutual Fund on Wednesday said it has terminated the employment of chief trader and fund manager Viresh Joshi with immediate effect.
The move comes after the company suspended Joshi and another fund manager earlier this month for alleged irregularities involving crores of rupees including front-running transactions on their personal accounts.
Front-running, which is illegal in India, involves purchasing a stock based on advance exclusive information regarding an expected large transaction that will affect its price.
Sebi has categorised front-running as a form of market manipulation and insider trading, and penalised several fund houses and fund managers in the past over this activity.
Axis AMC in a statement said that it has been conducting a suo moto internal investigation since February this year which has led to Joshi’s termination.
"Further to our investigation, his conduct and following the decision to suspend him, the employment of Viresh Joshi (Chief Trader & Fund Manager) with Axis AMC has been terminated with effect from May 18, 2022 and he will no longer have any association with Axis AMC and Axis Mutual Fund. Accordingly, Viresh Joshi ceases to be a key person of Axis AMC," the fund house said in its statement.
"We take compliance with applicable legal/regulatory requirements seriously, and have zero tolerance towards any instance of non-compliance," the fund house added.
Axis Mutual Fund manages assets worth Rs 259,818 crore under various schemes.
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