economy

SEBI Bans Ex-Axis MF Dealer Viresh Joshi for 7 Years in Front-Running Case

Published on: 25 Jul 2026, 03:05 AM

The Securities and Exchange Board of India (SEBI) has barred former Axis Mutual Fund chief dealer Viresh Joshi from accessing the securities market for seven years. The regulator found that Joshi orchestrated a front-running scheme using confidential information about the fund house's impending trades.

In its final order, SEBI also imposed a penalty of Rs 3 crore on Joshi, and a total of Rs 7.4 crore from 21 individuals involved in the case. The regulator barred 20 others from the market for periods ranging from three to seven years.

Front-running is an illegal practice where an insider uses non-public information about a large pending trade to execute personal trades ahead of that order, profiting from the subsequent price movement. In this case, Joshi allegedly used his position to gain access to sensitive trade data and passed it on to others for illegal gains.

SEBI's investigation revealed a network of individuals who traded on the basis of this confidential information, leading to the penalties and market bans. The regulator's action underscores its commitment to maintaining market integrity and deterring fraudulent practices.

Source: Indian Express

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