Thread by @moneycontrolcom

Axis MF frontrunning saga 🧵

⚡️ This is where it all started, when #MCInsider wrote an item about a dealer at a fund house driving around in a Lamborghini, pointing to disproportionate assets to income (May 2).

Read at 👇
moneycontrol.com/news/business/….

ON May 4, just 2 days later, #AxisMF suspended two of its officials/fund managers. The names of the fund managers (one of whom was the chief dealer) coincided with the word on the street that one of them was the suspect, driving the said Lamborghini, as also broken by #MCInsider.

#AxisMF did not respond to MC questionnaire.

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

#AxisMF 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.

Read 👇
moneycontrol.com/news/business/….

⚡️ ON May 10, MC confirmed, through sources that Axis Bank will wait for the report to come and only then will initiate appropriate action against the suspended officials.

Two officials were under scanner, but MC also reported through sources, that the MF's CEO might also run afoul with SEBI since the buck for the said violations stop at the CEO's desk.

Read more at 👇
moneycontrol.com/news/business/….

⚡️ Finally, last night, on May 18, #AxisMF sacked its chief dealer Viresh Joshi, who was being investigated for irregularities.

Read on:
moneycontrol.com/news/business/….

Thereby confirming MC timely breaks; pointing to the disproportionate income of the official, on the fund manager/dealer being under investigation and suspension, and the reason behind their original suspension.

For clarity, here's the difference between from running and insider trading.

An explainer 👇
moneycontrol.com/news/business/….