Sebi fines Axis MF former dealer for front-running

SEBI has fined Viresh Joshi, former chief dealer of Axis Mutual Fund, and barred him from the securities market for seven years for orchestrating a front-running scheme between September 2021 and March 2022. Joshi admitted to making approximately 18.33 crore in illegal profits by passing confidential information on impending fund trades to Dubai-based trader Prijesh Kurani, who executed trades through conduit accounts. The 146-page SEBI order noted the scheme involved around 1.28 crore Axis MF investor accounts, reflecting the scale of the market abuse.