CALCULATE YOUR SIP RETURNS

Axis Mutual Fund In Front Running Case: Seized ₹1.29 Million From Raids

12 September 20242 mins read by Angel One
During searches at Axis Mutual Fund's offices in Mumbai and Kolkata related to an ongoing investigation of front-running, ED seized ₹1.29 million ($15,360).
Axis Mutual Fund In Front Running Case: Seized  ₹1.29 Million From Raids
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

The Enforcement Directorate (ED) has seized 1.29 million rupees ($15,360) in raids conducted in Mumbai and Kolkata as part of an ongoing investigation into front-running allegations at Axis Mutual Fund.

The probe was initiated last year after the Securities and Exchange Board of India (SEBI) identified wrongful gains of 305 million rupees stemming from suspected front-running activities.

Front-running involves profiting from trading securities ahead of large client orders. SEBI had previously barred 21 entities, including Viresh Joshi, the former chief dealer at Axis MF, from the capital markets.

According to the ED, Joshi allegedly shared market-sensitive information with brokers in Dubai in exchange for kickbacks. These brokers would then execute trades on his behalf, and the profits were routed through entities based in Kolkata.

Axis Mutual Fund issued a statement confirming that the ED’s action was related to an individual whose employment was terminated due to a self-initiated investigation.

“Joshi was allegedly sharing market-sensitive information in return for kickbacks from brokers having terminals in Dubai who could execute trades on his instructions,” the ED said in a press statement announcing the searches.

Elevate your savings strategy with our easy-to-use Angel One SIP Calculator. See the impact of consistent investing. Your future self will thank you. Start planning today!

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

We're Live on WhatsApp! Join our channel for market insights & updates

Enjoy ₹0 Account Opening Charges
4.4 Cr+DOWNLOADS
Enjoy ₹0 Account Opening Charges

Get the link to download the App

Send App Link
Get it on Google PlayDownload on the App Store
Open Free Demat Account!
Enjoy ₹0 Account Opening Charges