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19 Nov 2024
Quant Mutual Fund clarified that their Chief Financial Officer (CFO), Harshal Patel, resigned in February, preceding SEBI's investigation into potential front-running activities. Initially, the fund had attributed Patel's departure to personal reasons and announced the appointment of Shashi Kataria as CFO, effective July 1.
According to the updated statement, Patel formally resigned on February 19, concluding his service on May 19, 2024. Shashi Kataria, with extensive experience in finance and mutual funds, including roles at PPFAS AMC and DSP Blackrock Investment Managers, succeeded him.
SEBI initiated its inquiry in June, involving searches at Quant Mutual Fund's Hyderabad and Mumbai offices. Front-running, where trading occurs based on non-public information before clients have access, is the focus of the investigation, a practice deemed illegal.
Quant Mutual Fund, boasting over 80 lakh folios and managing assets exceeding ₹93,000 crore, remains one of India's rapidly expanding fund houses committed to cooperating fully with SEBI's investigation.
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