Axis Mutual Fund fired their second fund manager, Deepak Agrawal, who is under investigation for front-loading. Last week, they also sacked their chief dealer Viresh Joshi for the same charges. SEBI is developing algorithms to detect synchronized stock price movements on purchase dates which could indicate front running by employees of funds and brokerages. US recession fears caused the Sensex and Nifty to fall over 2% to their lowest levels in two months, and the RBI intervened in the futures and spot markets to support the rupee.

1. Weekly
News
23rd May 2022
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SEBI Registered Investment Adviser (INA200006628)

2. Snapshot
Two Fund Managers gets
sacked under probe for
front - loading
Axis MF sacks Fund Manager
SEBI has developed algos
To spot front running by
employees at funds &
brokerages.
US Recession fears drive
stocks down to 2-month
low
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SEBI Registered Investment Adviser (INA200006628)

3. Axis MF sacks Fund Manager
● Axis Mutual Fund has fired Deepak Agrawal, the second fund
manager facing probe for front – loading.
● Last Wednesday, they had sacked its chief dealer Viresh Joshi for
the same charges.
● SEBI aims to tighten disclosure rules on fund manager exits.
© RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)

4. SEBI has developed algos to spot front running
by employees at funds and brokerages
● The regulator has been using its database to spot front running
based on synchronized movement in prices of stocks purchased by
funds, on the day of purchase.
● For the past few months, SEBI has been using artificial intelligence
on its data trove to identify such synchronized stock moves
© RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)

5. US Recession fears drive stocks down
to 2-month low
● The Sensex dropped 2.61% to 52,792.23 points and the Nifty fell
2.65% to 15,809.40.
● The Reserve Bank of India (RBI) is said to have intervened in the
futures and spot markets.
● On Tuesday, the local unit had touched a lifetime low of 77.80
intraday but erased some losses following the central bank's
intervention.
.
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SEBI Registered Investment Adviser (INA200006628)

6. Others
● Government cuts excise duty on petrol, diesel; prices to drop
by Rs 9.5, Rs 7 per litre.
● The Centre is also reducing the customs duty on raw
materials & intermediaries for plastic products where our
import dependence is high.
● Finance ministry on Saturday notified export duty on 11 iron
and steel intermediates and lowered import duty on three key
raw materials for steel production
● Real estate sector welcomes govt announcement to cut
duties on iron, steel inputs
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SEBI Registered Investment Adviser (INA200006628)

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