Axis Mutual Fund sends two senior employees on leave for alleged insider trading; SEBI investigation underway; find out the impact on the fund here!
Two senior executives of Axis Mutual Fund have been furloughed for alleged insider trading, says Brajesh Kumar of Zee Business in this exclusive report. One of them is a fund manager while the other is a broker, he added.
The revelation about it came after an investigation by the Securities and Exchange Board of India (SEBI).
The market regulator was investigating all trades made by the two executives over the past 4-5 years, as well as trades made by other members of the team.
The fund’s management is of the opinion that the two executives engaged in certain improprieties and sent them on leave, Kumar said.
A more detailed investigation into this is underway by SEBI to determine if something wrong was only done in recent transactions or if it even goes back.
The anchor and head of research Deepanshu Bhandari explains the impact and also indicates in which stocks this fund holds the top holdings.
Dipanshu Bhandari, while explaining its impact, said it should have no effect. It is a fact that there are two people associated with the fund who are being investigated and if something comes to the fore in that investigation then it will come in front of everyone. But there is no impact on the stock at this time. It’s a good fund. There is knee-jerk reaction somewhere in the market, when such news comes and what is happening now. Somewhere, a knee-jerk reaction has been seen in the market, when such news comes and it happens right now.
Axis Mutual Fund is the seventh largest mutual fund. His stake is in 81 shares and assets under management are also around Rs 2 lakh 60,000 crores, Bhandari said.
He added that the only fear is whether there may be redemption pressure in the market? If something important comes out of this survey, will people start withdrawing their money? For now, there is no indication, but news is in progress. So, because of this, all stocks in which Axis Mutual Funds has a high stake are considered under pressure. It’s an irrational fear, but surely that fear happens.
For more details, watch the full video here:
एक्सिस म्युचुअल फंड से जुड़ी अहम खबर…
दो सीनियर को क्यों छुट्टी पर भेजा?
— Zee Business (@ZeeBusiness) May 6, 2022
Top Holdings of Axis Mutual Funds
Torrent Power – 8.5%
Info Edge Limited – 7.4%
Coforged – 6.5%
PI Industries Ltd – 5.2%
Divis Laboratories Ltd – 3.9%
Birlasoft – 3.9%
Astral – 3.87%
Motherson Sumi Systems Limited – 3.7%