Sebi chairperson asked the mutual fund industry to self-regulate and act against misdemeanour by individuals. If Sebi finds individual misdemeanour has gone unpunished by fund houses, the regulator will have "no choice but to come down as a hammer", and that may impact the entire industry, she said. "The biggest risk to mutual fund industry's growth is individual misdemeanour," she said. "Do what is right. Not what is easy," was Sebi chief's message to leaders of the fund industry. She, however, stressed that the fund industry was safe and a few regulatory changes that were brought in recently, have prepared it to build on that super structure. The industry currently manages around Rs 41 lakh crore worth of investors' money and Rs 100-lakh-crore assets under management (AUM) wasn't far away, she said. The Sebi chief's strong words for the fund industry came in the backdrop of the recent regulatory ban on Axis MF's former dealer Viresh Joshi. During the pandemic, when people across industries were working from home, Joshi was front-running the fund's trades to make illegal profits for himself and his family members. Axis MF has sacked Joshi but according to some industry watchers its decision had come too late.