Ex Axis bank executive alleges wrongful termination

MUMBAI: A former senior executive of Axis Bank has written to the Securities and Exchange Board of India alleging that his services were terminated after he complained to seniors about violation of a rule. Sharad Shukla, former vice-president, equities, Axis Bank had brought to the notice of the lender's whistleblower committee that there were no restrictions on entry into the dealing room of Axis Capital. The access to dealing rooms at most brokerages, mutual funds and insurance companies is restricted to a few to prevent front-running.

A senior official at Securities and Exchange Board of India (Sebi) said the regulator has received the complaint and is looking into the matter. An Axis spokesperson said Shukla's complaints were investigated but the decision to fire him was related to performance.

"Sharad Shukla was given various opportunities including role changes to improve his performance. After substantial counselling and pursuing performance management plan, there was no visible improvement shown by him and the bank chose to separate and relieve him of his services as per the extant rules," said the spokesperson.

"He, however had made a few complaints internally, which were duly probed and the proceedings completed without any substance being found in the matter," he added. Shukla claimed that he had filed an appeal on http:www.cwiportal.com, a whistleblower site of which Axis Bank is a client, on August 10, 2015 after the lender's risk management team failed to take action on the dealing room issue.