Quant Mutual Fund Confirms SEBI Investigation Over Alleged Irregularities
Market regulator Securities and Exchange Board of India is undertaking an investigation into alleged irregularities in managing and investing investor money at the quant Mutual Fund.
In a letter to its investors, quant Mutual Fund has confirmed receiving enquiries from SEBI.
"We will provide all necessary support and continue to furnish data to SEBI on a regular and as-needed basis," the mutual fund said in a letter.
quant Mutual Fund has been one of the fastest growing fund houses, with its assets growing to over Rs 93,000 crore currently, from Rs 100-odd crore in 2019, with the number of folios growing past 80 lakh, according to the communication to the investors.
In 2022, the market regulator undertook similar investigation against Axis Mutual Fund over alleged front-running by two of its employees. This investigation led to Sebi barring 21 entities from accessing capital markets.
Front-running refers to an illegal practice in the stock market where an entity or individual(s) trades on the basis of advance information from a broker or analyst before the information has been made available to their clients.
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