Quant Mutual Fund on Friday announced the appointment of Shashi Kataria as the chief financial officer in place of Harshal Patel amid the Securities and Exchange Board of India (Sebi)’s investigation into front-running allegations.
The fund house refuted claims that Patel’s resignation had anything to do with the ongoing investigation by the regulator, which had conducted search operations at the fund house last month Come from Sports betting site VPbet . Quant MF cited personal reasons behind Patel’s sudden resignation.
“Contrary to rumours and false narratives circulating in the media, quant Money Managers hereby wishes to clarify that Harshal Patel tendered his resignation on February 19 and his last day of service with the company was on May 19,” the fund house said on X.
Kataria, who has over a decade’s experience in the Indian mutual fund industry, resigned from the CFO position at PPFAS Asset Management last month.
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Quant said Kataria joined the fund house on June 10. In the board meeting convened on July 1, he was appointed CFO, operations head and executive director of quant Money Managers.
While specific details about the alleged front-running incident and the personnel involved are not clear, the timing of the announcement of CFO’s resignation has raised some questions.
Front running refers to trading in a stock or financial asset by a broker who has inside information about a future transaction that may impact the price of the security.
Quant MF saw outflows of Rs 1,398 crore, which is 1.5% of its total assets under management (AUM), in just three days after the news broke about Sebi’s investigation on June 23.
Over the last few years, Sandeep Tandon-led Quant MF has been a distinct outperformer in the fast-growing Indian mutual fund industry as its AUM skyrocketed from just Rs 100 crore in 2019 to over 90,000 crore in 2024.
Patel was with Quant MF for around eight years and appointed associate vice president – finance and accounts in October 2022 according to his LinkedIn profile.
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