Axis Mutual Fund hires Deloitte to investigate irregularities

Axis Mutual Fund has hired Deloitte as a second investigator in the frontrunning case after the fund widened the scope of the probe, according to sources. Alvarez and Marsal (A&M) is already investigating the matter for Axis Mutual Fund.

The fund house has widened the scope of the investigation to include the investment patterns or fund deployment and if more people were involved in the front-running.

According to sources, the market regulator had asked Axis Mutual Fund to pin down the precise modus operandi in the case and widen the scope of investigations.

“Sebi probably wants to look into similar fact patterns in other cases too where there could be front-running allegations,” the person said.