What is Axis Bank Mutual Fund Scam?

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In yet another mutual fund scam, Axis Mutual Fund suspended two fund managers for violations on Friday.

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Axis Asset Management Co Ltd, has suspended two of its fund managers, Viresh Joshi and Deepak Agarwal, for their involvement in front-running of shares through schemes managed by them.

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Front-running is trading in stock or any other financial asset by a broker who has inside knowledge of a future transaction that is expected to affect its price substantially.

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The Bloomberg IDs of both these officials have been deactivated and neither are allowed to get involved in the fund’s investment activity.

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The Axis fund has holdings in 81 shares and assets under management worth around Rs 2.60 lakh crore.

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Axis Mutual Fund was set up in 2009. MD & CEO Chandresh Nigam and Viresh Joshi were part of the original team.

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