With serious allegations made against some mutual fund (MF) executives in the last few days, the Association of Mutual Funds in India (AMFI) has advised its members to instruct all their employees to start working from office from June 10.
“Members are requested to advise all their staff to resume working from offices, at the earliest but no later than June 10. Further, the flexibility given to employees to work from home, especially those handling critical functions that deal with the markets, such as investments, dealing, operations, compliance, and risk management may be withdrawn,” said NS Venkatesh, CEO, AMFI, in a communication to all MF houses.
The communication comes following the back-to-office regulations issued by the government and that all employees should follow Covid-related protocols, said the letter.
Recent allegations
The recent dismissal of two fund managers by Axis Mutual Fund for front-running and serious allegations made on Aditya Birla Mutual Fund by a whistle-blower has rattled the confidence of retail investors.
Though Aditya Birla Mutual Fund has clarified that there is no truth in the allegations made on its employees, the sacking of two employees by Axis MF has made the regulator dig deep into the modus operandi and find whether fund managers of other fund houses have also indulged in such scrupulous act.