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19 Nov 2024
Quant Mutual Fund has informed investors that the Securities and Exchange Board of India's (Sebi) recent search and seizure operation was not a routine procedure but a court-approved action related to an ongoing investigation. This marks the first time the fund house has acknowledged the operation as non-routine. The market regulator is probing Quant MF for alleged front-running activities.
In an email to investors, Quant MF stated it has not received any further communication from Sebi following the initial inquiries. The fund house assured investors that its offices are operating normally and at full capacity, with no Sebi officials present.
In a separate statement, Quant MF revealed that despite the Sebi action, it experienced net equity outflows of Rs 877 crore over the past three weeks, amounting to less than 1% of its Rs 94,000 crore AUM. The fund house emphasized its strong liquidity, noting that over 54% of its assets are highly liquid, including large-cap stocks, treasury bills, government securities, gold, and silver. Additionally, Quant MF highlighted that its AUM reached an all-time high of Rs 94,000 crore as of July 12.
CEO Sandeep Tandon addressed investor concerns through a webinar with stakeholders. On Friday, the fund house also announced a change in its chief financial officer (CFO) position. Harshal Patel resigned as CFO on February 19, with his last day being May 19, prior to the Sebi inquiry.
He was replaced by Shashi Kataria from PPFAS Asset Management, effective July 1. Patel, who served Quant MF for around eight years and was appointed associate vice-president (finance and accounts) in October 2022, left the company before the Sebi investigation began.
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