Quant Mutual Fund confirmed that it has received inquiries from the Securities and Exchange Board of India (Sebi), in an email it sent to its investors.
On June 23, Moneycontrol broke the news that Sebi suspected front-running at the Sandeep Tandon-owned mutual fund, and that the regulator had conducted search-and-seizure operations at two locations as part of its investigations.
Following the publishing of the story, the mutual fund issued a statement to its investors.
In it, the fund house's management confirmed that it has received inquiries from Sebi.
Also read: MC Explains: What is Sebi's latest move to curb IPO price manipulation?
The mutual fund wrote that, as a policy, it does not comment on media reports but that it had to give an important update to clarify some points to maintain transparency with all its stakeholders.
It said, "Recently, quant Mutual Fund has received inquiries from SEBI, and we want to address any concerns you may have regarding this matter."
It added, "We want to assure you that quant Mutual Fund is a regulated entity, and we are always fully committed to cooperate with the regulator throughout any review. We will provide all necessary support and continue to furnish data to SEBI on a regular and as-needed basis."
The email said that the fund house's primary goal remained unchanged: "to deliver superior risk-adjusted returns" to all its investors.
The email added, "Your confidence in quant Mutual Fund is of utmost importance to us, and we are dedicated to maintaining transparency and adherence to regulatory standards."
Quant Mutual Fund is founded by Sandeep Tandon. The fund got a mutual fund license from the Securities and Exchange Board of India (Sebi) in 2017. It has been the fastest growing mutual fund in the country, with assets growing from Rs 100-odd crore in 2019 to more than Rs 90,000 crore currently. It crossed assets of Rs 50,000 crore in January this year with a portfolio of 26 schemes and 54 lakh folios.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
