Axis MF's former head of risk settles norms violation case

Mumbai: Meenal Baheti, former head of risk at Axis Mutual Fund has settled a case of violation of mutual fund regulations by paying ₹19.5 lakhs as settlement amount. Sebi had conducted an inspection covering governance related aspects of Axis MF through forensic audit for April 1, 2020 to September 30, 2022.

Baheti joined Axis asset management company on June 14,2021 and being a key managerial personnel had access to trade data for trades of respective schemes of Axis mutual fund including on a live basis for the period from May 27, 2022 till August 31, 2022, the regulator said.

"She had recommended stocks to certain relatives. Further, similarity was observed between the trades of the relatives and active schemes of Axis Mutual Fund during the time the applicant (Baheti) had access to trade data including on live basis," Sebi said on Wednesday. Additionally, similarity in trades was also observed with stock in which her relative and Axis MF/AIF/PMS had traded during the review period, it said.