Quant Mutual Fund has appointed Shashi Kataria as its chief financial officer (CFO). He will replace Harshal Patel who quit due to personal reasons.

The fund house has been in the news with the Securities and Exchange Board of India (Sebi) probing alleged front-running activities.

Front-running is an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information is made available to the public.

Quant Mutual Fund clarified that Patel resigned before the Sebi inquiry.

“Contrary to rumours and false narratives circulating in media, Quant Money Managers Limited hereby wishes to clarify that Harshal Patel tendered his resignation on February 19, 2024 and the last day of his service with the company was on May 19 2024. His last held position was chief financial officer for Quant AMC,” the statement said.

The fund house added that Kataria was appointed as the new CEO in June. “Shashi Kataria joined us on June 10, 2024 and the board meeting was convened on July 1 and was appointed as chief financial officer, operations head and executive director of Quant Money Managers,” it disclosed. Last month, Quant MF had received inquiries from Sebi.

“We want to assure you that Quant MF is a regulated entity, and we are always committed to cooperating with the regulator throughout any review. We will provide all necessary support and continue to furnish data to Sebi on a regular and as-needed basis,” the fund house said.

“Our primary goal remains unchanged: to deliver superior risk-adjusted returns to all our valued investors,” it added.

Quant has been one of the fastest growing fund houses in the country with over 80 lakh folios and more than ₹93,000 crore assets under management.