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Axis AMC terminates chief trader Viresh Joshi over alleged front-running

Axis Asset Management Company, the mutual fund promoted by Axis Bank, has terminated its chief trader and fund manager Viresh Joshi, who was facing of front-running.

Front-running refers to an illegal practice in the stock market where an entity trades on the basis of advance information from a broker or analyst before the information has been made available to their clients.

Earlier this month, Axis AMC had suspended two of its fund managers, including Joshi, pending completion of the investigation.

“Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this ongoing investigation. Further to our investigation, his conduct and following the decision to suspend him, the employment of Viresh Joshi has been terminated with effect from May 18, 2022,” according to a statement from the fund house.

“Accordingly, Viresh Joshi ceases to be a Key Person of Axis AMC,” it added.

However, Axis AMC did not elaborate on the violations that led to its chief trader’s sacking.

Axis AMC, which is one of the leading mutual funds in the country with assets management to the tune of Rs 2.59 lakh crore, is facing of front running and a reported regulatory probe. PTI SP DRR DRR

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