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Axis Mutual Fund has terminated the services of its chief trader and fund manager Viresh Joshi. The action comes days after the fund house suspended two fund managers over an ongoing investigation against them.
"Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this ongoing investigation. Further to our investigation, his conduct and following the decision to suspend him, the employment of Mr. Viresh Joshi has been terminated with effect from May 18, 2022, and he will no longer have any association whatsoever with Axis AMC and Axis Mutual Fund. Accordingly, Mr Viresh Joshi ceases to be a key person of Axis AMC" a statement from Axis Mutual Fund said.
While the statement did not mention any reason behind the sacking of Viresh Joshi, a few media reports claim that the two fund managers of the fund house were allegedly involved in front running.
