We upset a few of you with our call on some of the Axis funds last week 😊 Some of you commented on the blog and others raised tickets. We thought it would be better for us to respond through an article for the benefit of others as well.
Axis Mutual Fund issued a public notice removing and replacing two of its fund managers, Viresh Joshi and Deepak Agarwal, from seven of its schemes — Banking, Technology, Consumption, and Nifty ETFs and Axis Value, Quant and Arbitrage Funds. This move was accompanied by speculation that the managers were suspended on front-running charges. Axis Mutual Fund hasn’t explicitly mentioned front-running charges, but it has confirmed that it has been investigating “potential irregularities” with the help of external advisors.