Mutual Fund the asset management arm of Axis Bank announced that its chief executive officer (CEO) and managing director (MD) Chandresh Nigam has quit the company after Securities and Exchange Board of India’s (SEBI) order regarding the front-running in the fund house surfaced. Nigam will be replaced by B Gopkumar MD and CEO of Axis Securities.
SEBI, via WhatsApp messages, had discovered that Viresh Joshi, who was former the chief dealer of Axis Fund was mastermind of front-running at the fund house. In September 2021 and March 2022, market regulator announced that Joshi had involved 20 plus people to make illegal gains worth Rs 30.6 crore by front-running.