Axis Mutual Fund Terminates Its Assistant Fund Manager: Details Inside

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Following the firing of its fund manager and chief dealer Mr Viresh Joshi on May 18, 2022, the mutual fund house Axis Mutual Fund today announced the termination of fund manager Deepak Agrawal, who was under investigation for fund house violations. The fund house had previously stated that it was undertaking an inquiry into the claims with the assistance of an external agency, and the two were suspended for suspected irregularities, including front-running transactions on personal accounts.

Earlier in an official statement on 9th May, the fund house said that “Axis AMC has been conducting a suo moto investigation over the last two months (since February 2022). The AMC has used reputed external advisors to aid the investigation.”

“Further to our ongoing investigation, his conduct and following the decision to suspend him, the employment of Mr Viresh Joshi (Chief trader and fund manager) with Axis AMC and Axis Mutual Fund has been terminated with effect from May 18, 2022, and he will no longer have any association whatsoever with Axis AMC and Axis Mutual Fund. Accordingly, Joshi ceases to be a key person of Axis AMC,” the fund house said in an official statement earlier.

Joshi has been with Axis AMC since 2009 as a chief trader and equity fund manager, while Deepak Agrawal has been with the fund house since 2015. Viresh Joshi, Chief Trader & Fund Manager – Equity at Axis Mutual Fund, and Deepak Agrawal, Asst. Fund Manager – Equity at Axis Mutual Fund, has now been successfully dismissed from their positions as fund managers following allegations of front running in the funds they were administering. Axis Banking ETF, Axis Consumption ETF, Axis Nifty ETF, Axis Technology ETF, and Axis Arbitrage Fund were managed by Viresh Joshi, whilst Axis Value Fund, Axis Quant Fund, and Axis Consumption ETF were managed by Deepak Agarwal.

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