Local partner of UK asset manager Schroders fires two staff as market regulator broadens its own investigation of possible compliance lapses amid a pandemic-fuelled boom in India’s investment industry
sprawling regulatory probe that’s ensnared the Indian partner of Schroders is roiling one of the nation’s largest asset managers and is poised to shake up India’s $465bn mutual fund industry.
Front running is the trading of stocks by someone privy to information about a large impending transaction that will move prices. It’s illegal in India, and huge search-and-seizure operations were conducted by the market regulator at the offices and residences of Axis Mutual Fund executives, and other stock brokers and traders, the person said.
Viresh Joshi, the former chief dealer, has filed a lawsuit alleging wrongful termination and has sought 542.6m rupees , his legal firm, Mansukhlal Hiralal & Co. said in an email. The other employee identified by the firm, Deepak Agrawal, couldn’t be contacted for comment. Calls and a message to a mobile number previously believed to belong to him weren’t answered, and Bloomberg wasn’t able to obtain any other contact information for him or any representatives he may have hired.
Investors were net buyers of equity-based funds for a 16th straight month in June, even as concerns about high inflation and tighter monetary policy kept equity markets volatile. Dealing rooms for mutual funds are strictly controlled spaces equipped to record every activity inside. Axis Mutual Fund’s dealing room has cameras overseeing all activities, desk phone lines are recorded while the use of mobile phones is prohibited.It isn’t publicly known if Joshi worked from home during the pandemic or from the dealing rooms.
The law firm also said that the asset manager didn’t take any action on several complaints filed by Joshi when he witnessed price spikes before he was able to execute orders given to him.
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