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Front-Running Scandal Rocks a $31 Billion Indian Investing Giant

  • Axis AMC sacked two employees in May amid internal probe
  • Investigation comes amid boom for Indian mutual funds
A man in front the Securities & Exchange Board of India in Mumbai.

A man in front the Securities & Exchange Board of India in Mumbai.

Photographer: Adeel Halim/Bloomberg

Updated on

A sprawling regulatory probe that’s ensnared the Indian partner of Schroders Plc is roiling one of the nation’s largest asset managers and is poised to shake up India’s $465 billion mutual fund industry.

Axis Asset Management Co., which is India’s seventh largest mutual fund manager and partly owned by Schroders, in May sacked two employees, including its chief dealer, amid an ongoing internal probe