Axis Mutual Fund under SEBI lens over suspected violations of trading norms

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New Delhi, May 6 | India’s market regulator, SEBI is examining whether fund managers at Axis Mutual Fund engaged in “front-running” or trading securities through their personal accounts ahead of the fund’s transactions, multiple reports said.

SEBI considers front running to be one of the most serious offences.

In reaction, Axis Mutual Fund has reportedly removed the two fund managers from managing any of its funds pending investigations.

The officials involved in the case under investigation are Viresh Joshi and Deepak Agarwal.

Joshi was the head dealer and fund manager of five of the mutual fund schemes at Axis Mutual Fund, while Agarwal was an equity research analyst and fund manager for three mutual fund schemes.

The fund house Axis Mutual Fund manages Rs 2.59 trillion worth of assets.

“Axis AMC has been conducting a suo moto investigation over the last two months (since February 2022). The AMC has used reputed external advisors to aid the investigation,” Axis Mutual Fund said in a statement.

As part of the process, two fund managers have been suspended pending investigation of potential irregularities, it said in the statement.

“We take compliance with applicable legal/regulatory requirements seriously, and have zero tolerance towards any instance of non-compliance. The media is requested not to give credence to market speculation and idle gossip, which are baseless and we strongly refute the same,” it added.

Source: IANS

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Share Market Closing Bell: Market ends the week in green, Sensex surges 1,534 pts and Nifty sinks below 15,850

Share Market Closing Bell: Market ends the week in green, Sensex surges 1,534 pts and Nifty sinks below 15,850

The NIFTY 50 recouped the previous day’s losses and ended at 2.89 percent higher on strong global cues after China cut key lending rates. Nifty continued its upside rally throughout the day as it ended at 16266.15 levels. Bank nifty closed the session at 34276.40 level with a gain of 960 points. VIX closed at 23.10 down by 5.94%.

48 stocks out of NIFTY 50 closed in green which suggest broad based buying. All the sectoral indices are trading higher with metal, pharma, PSU bank and realty indices up 2-3 percent each. Stocks like DRREDDY, JSWSTEEL, NESTLEIND, TATAMOTORS & TATASTEEL were the top gainers, While SHREECEM & UPL were only two losers. The Nifty has formed Open Bullish Marabozu on a daily time frame which indicates upside momentum for an upcoming session.

Moreover, Nifty has been trading in a range of 15750-16410 levels throughout the week, crossing either side can direct further direction. In addition, Nifty has given a closing above 9-Day Moving Average which indicates a bounceback from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading witha positive crossover & reversed from oversold zone on an hourly chart which suggest a northward journey in Nifty. The Nifty may find Strong support around16000 levels, while on the upside 16410 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33200 levels while resistance at 34800levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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