Axis Mutual Fund Manager: According to persons familiar with the situation, Axis Mutual Fund has made personnel changes, including removing two fund managers from their positions, following claims of misconduct against certain fund executives.
The moves are claimed to affect chief trader and fund manager Viresh Joshi, assistant fund manager Deepak Agarwal, and managing director and chief executive officer Chandresh Nigam.
Axis Mutual Fund Manager: Allegations of violations
An e-mail submitted to Axis MF about the personnel changes received no response after 24 hours. Axis Mutual Fund representatives have not returned calls.
There have been claims of infractions against some fund house officials, according to sources.
According to that article, there were rumours of a market regulator looking into front-running instances at a top-tier asset management firm. The primary suspect, the dealer, was suspected of driving around in a Lamborghini painting the town crimson.
Nigam has been the fund house’s managing director and CEO for nearly a decade. In 2009, the fund house began operations.
Joshi, who has worked for the fund company for over a decade, will no longer be a part of any Axis Mutual Fund plan, according to the sources. Axis Arbitrage Fund, Axis Banking ETF, Axis Nifty ETF, Axis Technology ETF, and Axis Consumption ETF were among the five funds he managed.
Agrawal, who worked for Axis Consumption ETF, Axis Quant Fund, and Axis Value Fund as an equity research analyst and assistant fund manager, is alleged to have left the company.
According to the reports, Joshi and Nigam’s Bloomberg IDs have been deactivated from May 4 evening.
With Rs 2.59 lakh crore in assets under management, Axis MF is the country’s fifth largest mutual fund.