Quant Mutual Fund issued a clarification that Harshal Patel, the CFO of Quant Mutual Fund resigned from his position at the asset management company (AMC) before the SEBI probe.

What Happened: Earlier, media reports said Harshal Patel resigned amid the ongoing Securities and Exchange Board of India’s probe on the AMC. Quant AMC came out against the reports and said Patel had given his resignation before the SEBI probe.

“Contrary to rumours and false narratives circulating in media, quant Money Managers Limited hereby wishes to clarify that Mr Harshal Patel tendered his resignation on 19th February 2024 and the last day of his service with the company was on 19th May 2024. His last held position was Chief Financial Officer for Quant AMC.”, Quant Mutual Fund said in a statement.

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Shashi Kataria who previously worked with Parag Parikh Financial Advisory Services (PPFAS) joined Quant in June and was appointed as Chief Financial Officer, operations head and executive director of the firm on July 1, the Quant confirmed.

Shashi Kataria worked as director, COO, and CFO at PPFAS, He has also worked as Manager of Finance at DSP Blackrock Investment Managers.

The SEBI initiated its investigation into Quant Mutual Fund in June, following media reports hinting at possible front-running operations. The regulator reportedly carried out search and seizure operations at the Hyderabad and Mumbai offices of Quant Mutual Fund.

Quant Mutual Fund, boasting over 80 lakh folios and more than ₹93,000 crore in assets under management (AUM), is one of the fastest-growing fund firms in India.

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