Axis AMC conducting suo moto probe; suspends 2 fund managers

Facing allegations of entrance working and a reported regulatory probe, Axis Asset Management on Friday stated it has been suo moto investigating the case since February and has suspended two fund managers pending completion of the investigation.

Further, the asset administration firm has used exterior advisors to help the investigation, Axis AMC stated in assertion.

The assertion comes within the wake of complaints reportedly being acquired by Axis Mutual Fund from inventory brokers about fund managers punching in trades on behalf of the fund at values a lot greater than the market.

“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,” the asset administration agency stated.

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— Axis Mutual Fund (@AxisMutualFund) May 6, 2022

As a part of the method, two fund managers have been suspended pending investigation of potential irregularities, it added, “We take compliance with applicable legal/regulatory requirements seriously, and have zero tolerance towards any instance of non-compliance,” the asset administration agency stated.

It requested media to not give credence to market hypothesis and idle gossip, that are baseless and strongly refute the identical.

Axis Mutual Fund is among the main mutual fund within the nation with belongings below administration to the tune of Rs 2.59 lakh crore.