The mutual fund promoted by Axis Bank terminated the services of its fund managers, Viresh Joshi and Deepak Agrawal who were alleged to have made illicit gains through front-running activities in May.
The statement comes after reports suggesting that Sebi is carrying out search and seizure operations at several entities including offices of Axis Mutual Fund, stockbrokers, and individuals, as a part of the ongoing investigation into alleged wrongdoings by two former fund managers of the fund house.
The seventh-largest fund house in terms of assets under management had earlier suspended chief trader Viresh Joshi and assistant fund manager Deepak Agrawal.