Axis AMC said in a statement that the asset management company has used outside consultants to assist in the investigation.
Highlight
- Axis Asset Management suspends two fund managers till investigation is completed
- Axis AMC said in a statement that the company has used external consultants to assist in the investigation.
- Axis Mutual Fund is one of the leading Mutual Funds in the country
Facing charges of front running and an alleged regulatory probe, Axis Asset Management on Friday said it has been investigating the matter since February and has suspended two fund managers till the investigation is completed. In addition, the asset management company has used external advisors to assist in the investigation, Axis AMC said in the statement.
This statement comes in the wake of complaints received by Axis Mutual Fund from stock brokers allegedly wherein fund managers have punched in trades on behalf of the fund at much higher prices than the market. The asset management firm said, “Axis AMC has been conducting the investigation suo motu in the last two months (since February 2022). AMC has used reputed external advisors to assist in the investigation.”
As part of the process, two fund managers have been suspended over an investigation into possible irregularities, adding, “We take our compliance with applicable legal/regulatory requirements seriously, and any non-compliance.” have zero tolerance for example,” the asset management firm said. It urged the media not to give credence to market speculations and useless gossip, which are baseless and strongly refutes it. Axis Mutual Fund is one of the leading mutual funds in the country with assets under management of Rs 2.59 lakh crore.
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