B Gopkumar, managing director and chief executive officer at Axis Securities, is the new CEO of Axis Mutual Fund. He takes over from Chandresh Nigam who has stepped down as the CEO.
The fund house has been plagued by the front-running scandal that came to light last year when it suspended its former chief dealer Viresh Joshi after finding him guilty in an internal investigation.
The Securities and Exchange Board of India (SEBI) on February 28 said it has barred Joshi and 19 others in a front-running case linked to the fund house.
The market regulator said it identified Rs 30.5 crore as wrongful gains accrued due to the alleged front-running activities and directed that this amount be impounded from the entities.
Nigam will continue till the end of his term, that is April 30, 2023. Gopkumar will take over on May 1, 2023 for a 3-year term.
Additionally, Ashish Gupta has joined Axis AMC as its Chief Investment Officer.
Ashish Gupta will take over as the CIO at Axis AMC
At present, the investment teams of Axis MF are headed by Jinesh Gopani who is Head-Equity and R. Sivakumar, who is Head-Fixed Income. Both Gopani and Sivakumar will now report to Gupta. Gupta comes from Credit Suisse where he used to be the head of India equity research.
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