Axis Mutual Fund sacks 2nd fund manager under investigation for irregularities

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After sacking its chief dealer - Viresh Joshi - who was also a fund manager, Axis Mutual Fund has now sacked a second fund manager, Deepak Agarwal, who was under investigation for irregularities.

In an earlier statement, the fund house said Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this ongoing investigation.

Agarwal, who was an equity research analyst and assistant fund manager of Axis Consumption ETF, Axis Quant Fund and Axis Value Fund, is no longer part of these schemes.

Joshi, who has spent over a decade at the fund house, was also in the role of fund manager in five schemes – Axis Arbitrage Fund, Axis Banking ETF, Axis Nifty ETF, Axis Technology ETF and Axis Consumption ETF.

Axis MF is the seventh-largest mutual fund in the country, with Rs 2.59 lakh crore of assets under management.