India regulator bars former Axis MF dealer for seven years in front-running case

SEBI imposed penalties totaling 74 million rupees and a seven-year market ban on Viresh Joshi, former chief dealer of Axis Mutual Fund, for front-running trades. Joshi received the highest individual penalty of 30 million rupees for leaking confidential trade information and coordinating with Dubai-based trader Prijesh Kurani to run a front-running scheme between September 2021 and March 2022, generating gains of 305.6 million rupees through mule accounts, broker terminals, and WhatsApp communications.