Axis AMC terminates chief trader Viresh Joshi, probe underway

Axis Mutual Fund has sacked its chief dealer Viresh Joshi, who was being investigated for irregularities.

"Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this ongoing investigation. Further to our investigation, his conduct and following the decision to suspend him, the employment of Mr. Viresh Joshi has been terminated with effect from May 18, 2022," a statement from Axis Mutual Fund read.

"Accordingly, Mr. Viresh Joshi ceases to be a Key Person of Axis AMC," it read.

On May 6, Moneycontrol broke the story that the fund house had suspended Joshi, along with assistant fund manager Deepak Agarwal, on allegations on irregularities.

Axis MF later confirmed that it was conducting a suo moto investigation over the last two months since February 2022 and had appointed reputed external advisers to aid in the investigation.

On May 2, MC Insider published a small item about a dealer at a fund house driving around in a Lamborghini, alluding to his disproportionate assets.

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.