Archive · 25 Jul 2026
SEBI fines Axis MF officials in ₹30.56 crore front-running case
The Securities and Exchange Board of India (SEBI) has fined Viresh Joshi, the former chief dealer of Axis Mutual Fund, and several others for being part of a front-running scheme.
Front-running is when someone uses confidential information about big trades to make their own profits before the big trade happens.
SEBI found that Joshi leaked details of Axis Mutual Fund's upcoming trades to a trader in Dubai, who then made trades ahead of the fund.
This scheme involved several people who helped set up trading accounts and connect Joshi with the external trader.
SEBI's investigation used various evidence, including call records and WhatsApp chats, to show how the scheme worked.
The trades made illegal profits of ₹30.56 crore.
SEBI has imposed penalties and market bans on the involved individuals to maintain market integrity.
SEBI fined Viresh Joshi and others ₹7.4 crores for front-running involving Axis Mutual Fund.
The scheme involved leaking confidential trade details to a Dubai-based trader, Prijesh Kurani.
Sumit Desai, Pranav Vora, and Vaibhav Pandya helped by arranging trading accounts and connecting Joshi with Kurani.
SEBI's investigation used statements, whistleblower complaints, and digital evidence to establish the scheme.
The trades generated unlawful gains of ₹30.56 crore across nine trading accounts.
- Who
- Viresh Joshi, Prijesh Kurani, Sumit Desai, Pranav Vora, Vaibhav Pandya
- What
- Front-running scheme involving illegal profits from confidential information about Axis Mutual Fund's trades
- When
- Between September 2021 and March 2022
- Where
- India
- Why
- To profit from confidential information about Axis Mutual Fund's upcoming trades
Regulatory Action
Defendants' Perspective
Regulatory Action
Regulatory Action
SEBI has imposed penalties and market bans on Viresh Joshi and others for front-running, citing illegal profits from confidential information.
Defendants' Perspective
The defendants may argue that the evidence is insufficient or that the penalties are disproportionate.
Evidence
Regulatory Action
SEBI's investigation used statements, whistleblower complaints, call detail records, and digital evidence to establish the front-running scheme.
Defendants' Perspective
The defendants may contest the interpretation of the evidence or claim it was obtained improperly.
Impact on Market Integrity
Regulatory Action
SEBI emphasizes the importance of maintaining market integrity and preventing illegal trading practices.
Defendants' Perspective
The defendants may argue that their actions did not significantly impact market integrity or that they were acting within acceptable practices.
- Total Penalty Imposed
- ₹7.4 crores
- Alleged Unlawful Gains
- ₹30.56 crore
- Investigation Period
- September 2021 to March 2022
- Key Individuals Involved
- Viresh Joshi, Prijesh Kurani, Sumit Desai, Pranav Vora, Vaibhav Pandya
- Trading Pattern
- Buy-Buy-Sell or Sell-Sell-Buy sequences
- Number of Trading Accounts Used
- Nine
- Location of External Trader
- Dubai
- Regulatory Body
- Securities and Exchange Board of India (SEBI)
Sources
WhatsApp chats to call records: How Sebi pieced together the Axis Mutual Fund front running case
Sebi fines former Axis MF chief dealer, aides in ₹30.56 crore front-running case
SEBI bars former Axis MF chief dealer Viresh Joshi from market for 7 years
Sebi Fines 21 Entities ₹7.5 Crore, Bans Former Axis MF Manager In Front-Running Case
SEBI bars former Axis MF chief dealer Viresh Joshi for 7 years in front-running case, imposes Rs 3 crore fine
