For the last few months, SEBI is Concerned over the front-running in the mutual fund industry and the possibility of similar practices happening, Due to this reason the Securities and Exchange Board of India (Sebi) is likely to take stringent action, which may include action against top officials of the fund house. A source close to the development said Sebi is closely monitoring the situation and its actions may follow soon.
On May 19, Viresh Joshi got terminated from his post by Axis Mutual Fund. Viresh Joshi was a chief dealer in Axis Mutual Fund who was under investigation for irregularities, including front-running the AMC’s transactions.
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