Axis Mutual Fund sacks 2nd fund manager- Deepak Agrawal for alleged frontrunning

Axis Mutual Fund has asked fund manager Deepak Agrawal to leave the firm from May 20 on the heels of an investigation into alleged wrongdoings by him and chief trader and fund manager Viresh Joshi. The fund house said it had terminated the employment of Joshi.

“The employment of Deepak Agrawal – fund manager with Axis AMC – has been terminated with effect from May 20, 2022. Consequently, he ceases to be a key person of Axis AMC,” said an Axis Mutual statement.

Agrawal was the co-fund manager for three funds – Axis Value Fund, Axis Quant Fund, and Axis Consumption ETF.

The fund house, the seventh largest in terms of assets under management, had suspended Agrawal and Joshi earlier this month as it was investigating alleged frontrunning cases against them.