Fired fund managers violated securities law, says Axis Mutual Fund

In May, Axis MF terminated Joshi and (Deepak) Agrawal, following allegations of tailgating

Axis Mutual Fund (MF) on Tuesday said it has reasons to believe that the two fund managers it sacked have violated the securities law. The fund house has said it has shared the findings of a suo motu investigation done by external advisors to markets regulator — the Securities and Exchange Board of India (Sebi).

“Viresh Joshi committed clear breaches of our policies, including non-cooperation with our internal investigation (during his suspension period). We also have strong reasons to believe, based on available evidence, that there have been breaches of the securities law by him,” Axis MF said in a statement