axis mutual fund: Under scanner for front running? Axis Mutual Fund sends two of its fund managers on leave
We have emailed Axis Mutual Fund and are waiting for their response.
The seven funds that have seen the management change are: Axis Consumption ETF, Axis Banking ETF, Axis NIFTY ETF, Axis Arbitrage Fund, Axis Quant Fund, Axis Technology ETF and Axis Value Fund.
Front running is when a broker has exclusive details of a stock being bought or sold in large quantities and trades that stock to benefit from it. The practice is illegal in India.
According to mutual fund advisors, investors should not do anything at the moment and wait for the details.
“At the moment mutual fund investors should not make any changes to the schemes. All the funds that have seen the change are managed by multiple managers and hence I don’t see a reason to panic right now. Investors should not make any changes to their portfolio till the rumors are confirmed and there is a statement from the fund house. Even after that, if at all it changes anything for your particular scheme has to be seen, “says Vishal Dhawan, Founder Plan Ahead Investment Managers.