Mumbai: The capital market regulator Securities and Exchange Board of India (SEBI) conducted search and seizure operations on Quant Mutual Fund during the weekend covering various premises at Delhi, Mumbai and Hyderabad.
SEBI's investigation wing initiated the search after a detailed probe into Sandeep Tandon owned Quant iMutual Fund with 75 lakhs retail investors after complaints of front running malpractices.
The capital market regulator has made several attempts to protect market integrity and taken strict action on malpractice of front running by trader executing orders to profit from advance knowledge of pending orders from clients. The malpractice involves the misuse of confidential client information for personal gain undermining the fairness of the capital market.
Quant Mutual Fund in a statement reassured its investors about its dedication to regulatory compliance and ethical practices. “We are commitment to full cooperation with SEBI and maintaining transparency throughout the investigation process,” said the mutual fund.
The mutual fund with Rs 84,000 crore Assets Under Management and 79 lakhs folios has a total of 27 funds and key holdings in major companies such as Reliance Industries, Adani Power and HDFC Bank.
