Fund Manager, Parents Pay Rs 5 Crore To Settle Case With SEBI

Fund manager of Deutsche Mutual Fund and his parents paid nearly Rs 5 crore to settle with SEBI a case of alleged front running in mutual fund trades

A fund manager of Deutsche Mutual Fund and his parents paid nearly Rs 5 crore to settle with Securities and Exchange Board of India (SEBI), a case of alleged front running in the trades of the mutual fund.

The amount remitted by them includes settlement charges, wrongful gains and interest charged on the ill-gotten gains.

Akash Singhania, the fund manager of Deutsche Mutual Fund (DMF) allegedly had knowledge of investment and impending orders of the fund.

He had opened four trading accounts for the purpose of front running, through his parents-- Ashok Kumar Singhania and Premlata Singhania.