Fired fund managers of Axis Mutual Fund could be banned from markets

Though investigation is pending, Sebi may issue interim order

The Securities and Exchange Board of India (Sebi) could soon issue interim orders imposing a market ban on the two former fund managers of Axis Mutual Fund (MF) for suspected front-running of trades, said people with knowledge of the development.

“The market regulator has gathered prima facie evidence that demonstrates that the duo has violated the integrity of the market. While a detailed investigation is still pending in the matter, Sebi could take action under Section 11 (4) to prevent further harm to the investors and the securities market,” said a source.

Sebi passes interim orders in rare instances, when it thinks