Investors have been notified by Quant Mutual Fund (MF) that Harshal Patel, the company's Chief Financial Officer (CFO), has quit "for personal reasons." The investment company emphasized on social media that Patel's departure was unrelated to the Securities and Exchange Board of India (SEBI) probe.

SEBI is investigating the company in connection with a possible front-running case. According to the fund house, Patel left months before the results of the extensive probe were revealed. The corporation stated that "Harshal Patel tendered his resignation on February 19, 2024, and his last day of service was on May 19, 2024."

Quant MF said in a notice-cum-addendum that Shashi Kataria became the new CFO on July 1. On June 24, a reliable source revealed that the markets watchdog had searched the fund house's premises and was looking into Quant Mutual Fund for possible irregularities in managers' investment-related actions.

The manager of assets valued at about Rs 90,000 crore, Quant MF, has acknowledged receiving queries from Sebi and providing the information requested by the regulator. A small amount of its schemes' assets were withdrew as a result of the development, around 1.5% of the total assets managed. Kataria has 20 years of expertise, 13 of which are in the mutual fund sector, in accounting, auditing, payroll, direct and indirect taxation, financials and MIS, and labor law compliance, according to the fund company. "He served as CFO, COO, and director at PPFAS Asset Management Private Limited during his most recent position. According to the addendum, "He was previously affiliated with DSP Blackrock Investment Managers."