Axis Asset Management Company has suspended Viresh Joshi, Chief Trader and Fund Manager as part of the ongoing investigation into serious allegations against its fund managers.

Further, , the fund house said the employment of Joshi with Axis AMC has been terminated with effect from May 18 and he will no longer have any association whatsoever with Axis AMC and Axis Mutual Fund. Accordingly, Joshi ceases to be a Key Person of Axis AMC, it added.

"We take compliance with legal and regulatory requirements seriously and have zero tolerance towards any instance of non-compliance, it said.

Early, this month Axis AMC had suspended two fund managers as part of its investigation into stock brokers’ complaints on alleged irregularities in placing of equity trading orders. Market regulator SEBI has initiated a probe into this case to check for potential violation of norms.

The fund managers-cum- traders of the fund house have been placing orders at a value much higher or lower than the prevailing market price and receiving kick-backs from certain brokers for indulging in such unethical trading practice, it was alleged.