Quant Mutual Fund on Friday said its Chief Financial Officer Harshal Patel has resigned, and Shashi Kataria has been appointed to replace him with effect from July 1, 2024. The mutual fund house is under Sebi’s investigation for a probable front-running case.
According to a CNBC-TV report, the last day of Harshal Patel as the CFO of Quant MF was May 19.
“Shashi Kataria has been appointed as Chief Financial Officer, Operations Head and Executive Director of Quant Money Managers Limited with effect from July 01, 2024, in place of Harshal Patel who has resigned due to his personal reasons,” Quant Mutual Fund said in a notice.
Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made available to its clients.
Shashi Kataria was earlier associated with PPFAS Mutual Fund.
Sebi recently conducted search and seizure operations in the Delhi, Mumbai, and Hyderabad offices of Quant MF, reportedly linked to alleged profits estimated at Rs 20 crore.
Earlier, Quant Mutual Fund, India’s fastest growing Asset Management Company, said in an email FAQ noted that the SEBI investigation was a regular ongoing process by the regulator to collect data and analyse it. SEBI is yet to release any official information on the action.
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