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Quant MF front-running case | Quantum Mutual Fund clears the mix-up: We’re not the Quant in trouble
- Quantum Mutual Fund on Thursday issued a clarification to clear the confusion due to the similar name and reassured investors that it is a different entity from the one involved in the Sebi investigation.
Quant Mutual Fund front-running case has caused quite a stir among Indian stock market investors. While market’s watchdog SEBI has conducted a search and seizure operation at Sandeep Tandon’s Quant Mutual Fund offices over suspected front-running activities, another fund house seems to have found itself caught in the crossfire of mistaken identity.
Quantum Mutual Fund on Thursday issued a clarification to clear the confusion due to the similar name and reassured investors that it is a different entity from the one involved in the Sebi investigation.
Also Read: Quant Mutual Fund front-running crisis: PrimeInvestor says ‘exit call’ on funds subscriber-centric
“This is to clarify that Quantum Mutual Fund and Quant Mutual Fund are two different mutual fund houses,” Quantum Mutual Fund’s wrote in a post on social media platform X.
The fund house also informed that a suit had been filed in the Mumbai High Court against Quant MF, restricting the use of the Trade Name Quant Mutual Fund which created confusion with the Trade Name Quantum Mutual Fund.
This suit is pending with the High Court, it added.
“Furthermore, we have issued multiple clarifications to investors, distributors and brokers on the confusion caused by the use of a similar sounding name by another mutual fund house - which was launched 12 years after we launched Quantum Mutual Fund,” it said.
Meanwhile, Sebi has questioned Quant MF dealers and persons connected with the case and the alleged profits from the front-running operations were around ₹20 crore.
Sandeep Tandon, chief executive of Quant Mutual Fund has assured investors that the allegations were overblown and they should not redeem their investments in panic.
In a statement on Monday, the company said it wanted “to assure you that Quant Mutual Fund is a regulated entity, and we are always fully committed to cooperate with the regulator throughout any review".
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Business NewsMutual FundsQuant MF front-running case | Quantum Mutual Fund clears the mix-up: We’re not the Quant in trouble
First Published:27 Jun 2024, 12:53 PM IST
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