Axis Mutual Fund needs new blood

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Editor's note: On Wednesday, the Securities and Exchange Board of India issued an interim order against Axis Mutual Fund’s former chief trader and fund manager Viresh Joshi. The ex parte order barred Joshi and 20 of his alleged accomplices from the securities market till a final order is issued. The action by the capital markets regulator is in response to the revelations last year that some of the mutual fund’s employees were involved in a front-running scandal. But, being an interim order, there’s more to come. SEBI’s year-long investigation is yet to arrive at a final conclusion.  It was in this connection that Amitabh Chaudhary, CEO of Axis Bank, met SEBI officials earlier this month. He wants a quick end to the overhang on the bank’s mutual funds business (a joint venture with UK-based asset manager Schroders). But SEBI officials told him that “they are waiting to see what action the bank takes in the matter. Then only they will decide the penalty,” says a person with direct knowledge of the matter. Axis Mutual Fund, on its part, had fired Joshi last …