Two fund managers -- Viresh Joshi and Deepak Agrawal -- have been removed from managing assets in seven schemes of Axis Mutual Fund on allegations of front running stock trades. Front running or tailgating is an illegal practice where an individual or a broker gets advance information regarding a big transaction due to be executed in a particular stock and before that trade is executed, the broker invests in those stocks through a personal account, taking advantage of likely price movement. SEBI is currently probing the matter.
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