“Quant Mutual Fund CFO Resigns Amid SEBI Probe; Shashi Kataria Named Successor”
Harshal Patel, the Chief Financial Officer (CFO) of Quant Mutual Fund, has resigned amidst an ongoing investigation by the Securities and Exchange Board of India (SEBI) into potential front-running activities. The resignation, effective July 1, 2024, was attributed to personal reasons, according to a notice issued by Quant Mutual Fund to its investors.
Harshal Patel, the Chief Financial Officer (CFO) of Quant Mutual Fund, has resigned amidst an ongoing investigation by the Securities and Exchange Board of India (SEBI) into potential front-running activities. The resignation, effective July 1, 2024, was attributed to personal reasons, according to a notice issued by Quant Mutual Fund to its investors.
In the wake of Patel’s departure, Quant Mutual Fund has appointed Shashi Kataria as the new CFO. Kataria brings a wealth of experience to the role, with over 20 years in Accounting, Audit, Taxation, Financial Management, and Compliance, including 13 years specifically in the Indian Mutual Fund industry. His previous roles include serving as CFO, COO, and Director at PPFAS Asset Management Private Limited, and managerial positions at DSP Blackrock Investment Managers Private Limited.
Quant Mutual Fund emphasized that all terms and conditions outlined in the Scheme Information Document (SID), Key Information Memorandum (KIM), and Statement of Additional Information (SAI), along with any relevant addendums, remain unchanged despite the leadership change.
Shashi Kataria is a commerce graduate from Mumbai University and a fellow member of the Institute of Chartered Accountants of India (ICAI). His professional journey has spanned various sectors including Cargotec India Private Limited, Redbull India Private Limited, UTV Software Limited, and pharmaceutical and finance sectors.
The SEBI’s investigation into Quant Mutual Fund centers on suspected front-running activities, allegedly involving the illicit use of confidential information for financial gains. Recent raids on Quant’s offices in Mumbai and Hyderabad resulted in the seizure of mobile phones, computers, and other digital devices as part of efforts to trace the source of leaked information.
SEBI suspects that the front-running activities might have been facilitated by a dealer within a Quant entity or a brokerage firm through which the asset management company executes its orders. Quant Mutual Fund manages assets worth ₹93,000 crore, making this investigation a significant development in India’s financial sector.
Sources By Agencies
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