AMFI has advised all asset managers to ask executives holding key responsibilities to start working from the office by June 10. The move is aimed at greater vigilance against wrongdoing and comes in the wake of allegations of front running by two fund managers at Axis Mutual Fund, said sources.
One of the reasons why the alleged activities by the Axis executives had gone unnoticed is said to have been the investment team working from home for over two years on account of Covid-related movement restrictions.
“Flexibility is given to employees to work from homes, especially those handling critical functions that deal with the markets, such as investments, dealing, operations, compliance / risk management etc. may be withdrawn,” said the AMFI communication to fund houses. “This may be implemented at the earliest, but no later than June 10, 2022.” reviewed a copy of the AMFI letter.