Sacked Axis MF fund manager Viresh Joshi sues asset management company

Viresh Joshi has sued Axis Mutual Fund, seeking Rs 54 crore in damages, for wrongful termination, according to news reports.

Viresh Joshi, the sacked chief trader and fund manager of Axis Mutual Fund, submitted a legal notice to his former employer, claiming that his termination from the business was “wrongful” and “illegal”.

On May 18, Joshi and assistant fund manager Deepak Agrawal were asked to leave the fund house due to allegations of front-running and broker payments.

Joshi, who has almost 20 years of experience in the capital market, had been a part of Axis AMC since 2009. He has held positions at ICICI Securities and BNP Paribas Securities before joining Axis AMC.

Joshi’s employment with Axis MFwas terminated following an investigation by a forensic auditor, appointed by the AMC. The probe was conducted to ascertain whether the executives were involved in front-running, got kickbacks and executed trades that were disadvantageous to the schemes.