Axis MF fires 2nd fund manager under investigation

Mumbai: Axis Mutual Fund has fired Deepak Agrawal, one of two fund managers the MF was investigating for violating compliance rules. Although the fund house did not specify the nature of the compliance issues that Agrawal flouted, industry sources said there were allegations of insider trading against him.
On Wednesday, the MF had sacked Viresh Joshi, the other fund manager who was also being investigated for similar violations. Axis MF said it has been conducting an internal investigation since February 2022. It has any association with Axis AMC and Axis Mutual Fund. As a result, (Agarwal) ceases to be a key person in Axis AMC,” the MF said.
Since the beginning of the month, there have been rumors of inappropriate behavior by at least two Axis MF fund managers, including sudden changes in their lifestyle over the past few months. One of the two money managers was rumored to be cruising around town in one of the most luxurious imported cars available. It was also reported that the behavior of these two resulted in substantial losses for investors in the funds they managed.

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