SEBI Bans Former Axis MF Dealer Viresh Joshi for Seven Years in ₹30.56 Crore Front-Running Scandal

India's market regulator, SEBI, delivered a strong message against financial misconduct on Friday, July 24, 2026, by banning Viresh Joshi, the former chief dealer of Axis Mutual Fund, from the securities market for seven years. This final order comes after a detailed investigation into a sophisticated front-running scheme that generated illegal gains of ₹30.56 crore by misusing confidential trade information from the fund house. The regulator found that Joshi, who was in a position of trust, systematically leaked details of upcoming large trades by Axis Mutual Fund to a Dubai-based co-conspirator, Prijesh Kurani, between September 2021 and March 2022. Kurani then used a network of 'mule accounts' and offshore entities, including Vintage Capital Investment LLC, to place trades ahead of Axis MF's orders, pocketing profits as prices moved. SEBI investigation relied heavily on digital evidence, including WhatsApp chats where Joshi was reportedly referred to by coded names like 'Asdfg' and 'Jadugar,' alongside call records and trading patterns. Several other facilitators involved in arranging these accounts also face market bans ranging from three to seven years, underscoring the broad crackdown on this network. Beyond the market ban, Joshi has been fined ₹3 crore, while Kurani faces a ₹1 crore penalty, with other entities receiving fines between ₹10 lakh and ₹1 crore. The ₹30.56 crore already impounded from the illicit gains will now be officially disgorged and transferred to the Investor Protection and Education Fund, with an additional 12% annual interest to be paid by the involved parties. This decisive action, which also credits the period already served under an interim order issued in February 2023, highlights SEBI continued vigilance through its surveillance system and sends a clear signal about maintaining 'Market Integrity' in India's dynamic financial landscape.