India's market regulator on Tuesday issued interim orders in a case of alleged front-running at Axis Mutual Fund, while issuing show cause orders to a former mutual fund executive and related entities.
The Securities and Exchange Board of India directed that 21 entities be barred from the capital markets until further orders.
It identified 305 million rupees as wrongful gains accrued due to the alleged front-running activities and directed that this amount be impounded from the entities. SEBI has not passed any directions against the fund house and its operations will not be impacted by the latest development. The regulator conducted a probe in a case of front running in trades of Axis MF between September 2021 and March 31, 2022. Front running is a market malpractice of trading in securities ahead of large client orders for personal gains.
"Viresh Joshi, the then chief dealer of Axis MF, was observed to have traded in different securities ahead of the impending orders placed on behalf of the big client ," SEBI said in the order.
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