Customers are pulling out thousands of crores even as the asset management company investigates its fund managers for front-running trades.
For the lay investor, Axis Mutual Fund was a safe, reliable, credible and consistent fund house to invest in. That faith has now been shattered as the asset management company has sent two of its top fund managers on forced leave over allegations of front-running trades.
Just last Wednesday, Axis Mutual Fund was conferred with the title of “best fund house” across equity and debt investment schemes by market research firm MorningStar India. But by Friday, its reputation had been fractured. The fund announced a change in its equity team leadership as it suspended chief trader and fund manager Viresh …
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
Furquan covers banking and financial services 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.