He Execution Direction (ED) launched its investigation last year after the country’s market regulator identified Rs 305 crore in illicit gains due to alleged competitive advantage activities.
Front-running is a bad market practice that involves making personal profits by trading securities before receiving large client orders.
The regulator had also banned 21 entities, including Viresh Joshithe then main trader of MF axisof capital markets.
“Joshi allegedly shared sensitive market information in exchange for bribes from brokers who had terminals in Dubai and could execute trades on his instructions,” the Department of Education said in a press release announcing the searches.
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Joshi received the proceeds from these trades in cash and sent them through Kolkata-based entities, the CEO added. Joshi had been terminated from Axis Mutual Fund. He could not be immediately reached for comment. An email sent to the fund house did not immediately receive a response. ($1 = 83.9700 Indian rupees)
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