Axis MF has taken stringent action against two fund managers and continues to work and co-operate with regulatory authorities, the fund house has said in a statement.
"Axis AMC has been conducting a suo moto investigation since February 2022, with assistance from reputed external advisors. While the review process is still continuing, additional actions have been taken as part of the ongoing investigation, and various enhancements are being implemented based on findings, till date," the fund house said.
In the last couple of weeks, the fund house has terminated the services of chief trader and fund manager Viresh Joshi and fund manager Deepak Agrawal.
While the fund house didn't specify the reasons behind the action against the two, media reports have claimed that the two fund managers were allegedly involved in front running.
