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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Axis AMC, former CEO Nigam, others pay Rs 6.27 cr to Sebi to settle MF norms violation case
Chandresh Kumar Nigam and three other individuals have settled with Sebi a case of alleged failures in monitoring the activities of dealers, leading to the front-running of Axis Mutual Fund trades. The settlement also includes former compliance officer Darshan Kapadia, ex-head of equity Jinesh Gopani and former dealer at the AMC Pawan Jhangiani, according to a Sebi order passed on Monday.
The entities paid a total of Rs 6.29 crore to settle the alleged violations of mutual funds norms, and accordingly, Sebi confirmed that «any proceedings that may be initiated for the violations...are settled in respect of the applicants».
The settlement was reached following an application filed by the entities whereby they proposed to settle the alleged violations «by neither admitting nor denying the findings of fact and conclusions of law» through a settlement order.
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The allegations focused on Axis AMC's failure to adequately monitor dealer activities, which allowed Viresh Joshi, a former dealer, to engage in front-running of trades. Additionally, the AMC was accused of lacking a proper system to ensure compliance in the dealing room.
It was alleged that access to the dealing room was not revoked for certain employees, including those from other departments, and there were instances of unauthorised access during market hours.
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As per the order, the majority of Axis AMC's active trades were concentrated with
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