Axis Mutual Fund suspends two equity fund managers

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Axis Mutual Fund suspends two equity fund managers
10 May 2022
6 min read

News Synopsis

Recently, Axis Mutual Fund has suspended its two managers amid allegations of wrongdoing. Both the managers have been accused of gross violations. Viresh Joshi, chief trader & equity fund manager, and Deepak Agarwal, assistant equity fund manager are under investigation at present.

Axis MF, in an official statement, informed that it has been conducting a suo-moto investigation over the last two months. It stated, “As part of the process, two fund managers have been suspended pending investigation of potential irregularities. We take compliance with applicable legal and regulatory requirements seriously, and have zero tolerance towards any instance of non-compliance.”

Eventually, as a result of the ongoing investigation, the Axis MF has changed the management of seven funds under these managers and reassigned them to others. These seven funds are Axis Consumption ETF, Axis Banking ETF, Axis NIFTY ETF, Axis Arbitrage Fund, Axis Quant Fund, Axis Technology ETF and Axis Value Fund

Axis Mutual Fund is the seventh-largest mutual fund company in the Mutual Fund Industry. Currently, Axis MF has an AUM of around ₹2.5 lakh crore. However, investors who have put money into the schemes of Axis MF need not worry about anything as nothing has changed except the fund manager of some schemes.