# Bombay HC quashes FIR against former Axis dealer in front-running case 2026-08-15T22:53:28+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Bombay High Court has quashed an FIR against former Axis Mutual Fund chief dealer Viresh Joshi in an alleged front-running case, ruling that prosecution under the SEBI Act can only be initiated on a complaint by SEBI. Justice Ranjitsinha Bhosale, on August 13, held that the special law under SEBI would prevail over general criminal law, and that the FIR registered at Sion police station and later transferred to the Economic Offences Wing could not proceed without SEBI's complaint. The complainant had alleged that Joshi shared confidential information about large orders with co-accused who traded ahead and profited, causing losses to 66 lakh investors. Times of India reported the complainant claimed a loss of over Rs 2.52 lakh crore, while the Enforcement Directorate pegged the fraud at Rs 93 crore. The court noted the seriousness of the allegations and urged SEBI to take prompt, swift, and effective steps to protect investors and market integrity, directing the regulator to consider action within 12 weeks. ## Coverage - freepressjournal.in - timesofindia.indiatimes.com This story was synthesised by AI from the 2 sources linked above. Updated: this story now draws on 2 sources. Last updated 2026-08-16T02:28:30+00:00. Tags: Axis Mutual Fund, Bombay High Court, SEBI, Viresh Joshi Canonical: https://indianopinion.org/bombay-hc-quashes-fir-against-former-axis-mutual-fund-chief-dealer/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/bombay-hc-quashes-fir-against-former-axis-mutual-fund-chief-dealer/#story-in-brief How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/