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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
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.
Among those who have been removed as fund managers are Chief Trader & Fund Manager Viresh Joshi and Assistant Fund Manager Deepak Agrawal. While Joshi has been with Axis MF since 2009, Agarwal joined the fund house in 2015 as an equity research analyst.