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Axis AMC, which is the seventh-largest asset management company of the country, suddenly finds itself in a soup with allegations of serious violations by its fund managers. It needs to clear the air soon on what went wrong and what it is doing to fix the problem
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 legal notice, among other things, states that the termination was not in line with the laid down policies and without issuing a show cause notice to present his side of the arguments
Fund manager Deepak Agrawal, who joined Axis AMC as equity research analyst in 2015, has been sacked with immediate effect; chief trader Viresh Joshi was sacked on Thursday.
Axis AMC statement did not go into details of the reason behind its sacking but Mint reported on 18 May that Joshi allegedly shared confidential information about the asset manager’s trades with brokers in Gujarat in return for kickbacks