A sprawling regulatory probe that’s ensnared the Indian partner of Schroders Plc is roiling one of the nation’s largest asset managers and is poised to shake up India’s $465bn mutual fund industry. Axis Asset Management Co, which is India’s seventh largest mutual fund manager and partly owned by Schroders, in May sacked two employees, including its chief dealer, amid an ongoing internal probe. The fund in early July submitted its findings to regulators and said it had evidence to believe that the terminated executives had violated securities law. Meanwhile, the Securities & Exchange Board of India has been carrying out its own investigation into potential front-running by the two men, a p
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