You are here: Home » Opinion » Columns
Business Standard

Go beyond the rulebook, follow the money

The track record of Sebi and the Securities Appellate Tribunal makes it appear that their effort is to help and not hurt the accused

BS Opinion | SEBI | Franklin Templeton

Debashis Basu 

Debashis Basu

Last week, Axis Mutual Fund removed Viresh Joshi as fund manager from five schemes and Deepak Agarwal, the assistant fund manager for equity, from three schemes. As rumours started swirling about malpractices, which had led to their removal, Axis MF stated it had been investigating since February 2022, using “reputed external advisors” to aid the investigation. As part of the process, two fund managers have been suspended pending the investigation of potential irregularities. The Securities and Exchange Board of India (Sebi) is examining whether fund managers at Axis MF engaged in “front-running”, or trading securities ahead of the fund’s transactions. Unconfirmed allegations say Axis fund managers pumped up stocks above the threshold levels of market capitalisation so that they became eligible for other funds to buy. This comes under regulations covering market manipulation and unfair trade practices.



What you get on Business Standard Premium?

  • icon Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • icon Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • icon Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
  • icon Pick your 5 favourite companies, get a daily email with all news updates on them.
  • icon 26 years of website archives.
  • icon Preferential invites to Business Standard events.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, May 08 2022. 22:53 IST