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Axis Asset Management Company, the mutual fund promoted by Axis Bank, has terminated its chief trader and fund manager Viresh Joshi, who was facing allegations of front-running.
The seventh-largest fund house in terms of assets under management had earlier suspended chief trader Viresh Joshi and assistant fund manager Deepak Agrawal.
According to reports, Axis Mutual Fund has changed the fund manager for as many as seven schemes.
The companies said they have filed an application with SEBI for the proposed fund, which will be sector agnostic. It will have a target of Rs 3,000 crore and a greenshoe option of Rs 500 crore.
Axis Mutual Fund has launched their first quant fund- an open ended equity scheme following a quantitative model.