Axis Mutual Fund needs new blood

An interim order by SEBI on last year’s front-running scandal is in the nature of a wake-up call for the fund house to address the issues that continue to dog it.

On Wednesday, the Securities and Exchange Board of India issued an interim order against Axis Mutual Fund’s former chief trader and fund manager Viresh Joshi. The ex parte order barred Joshi and 20 of his alleged accomplices from the securities market till a final order is issued.

The action by the capital markets regulator is in response to the revelations last year that some of the mutual fund’s employees were involved in a front-running scandal. But, being an interim order, there’s more to come. SEBI’s year-long investigation is yet to arrive at a final conclusion. 

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Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

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