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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.
The seventh-largest fund house in terms of assets under management had earlier suspended chief trader Viresh Joshi and assistant fund manager Deepak Agrawal.
Signs of Malice on the Mutual Fund Front
Axis AMC, which is India’s seventh largest asset manager, is being probed for alleged front-running by two officials.
The Indian partner of global money manager Schroders Plc is under investigation by the countrys capital markets regulator for alleged front-running by two of its officials, according to people familiar with the matter.