New Delhi, July 24 -- The Securities and Exchange Board of India (Sebi) has imposed penalties worth Rs.7.4 crores and market bans on former Axis Mutual Fund chief dealer Viresh Joshi and several others after concluding that they were part of a front-running scheme that illegally profited from confidential information about the fund house's trades.

India's markets regulator has wrapped up one of the biggest front-running investigations involving a mutual fund, holding that Joshi leaked confidential details of the fund's upcoming trades to an external trader who then placed trades ahead of the fund and booked profits.

The final order follows an investigation into trades between September 2021 and March 2022 after Sebi's surveillance syste...