MFDA Hearing Panel issues Reasons for Decision in the matter of Devendra Prakash Sharma
March 21, 2018 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated March 20, 2018 in connection with a settlement hearing held in Toronto, Ontario on February 22, 2018 in the matter of Devendra Prakash Sharma (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $30,000;
- has paid costs in the amount of $2,500;
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of one month commencing March 2, 2018; and
- shall in the future comply with Rule 2.1.1.
In the Settlement Agreement dated January 31, 2018, the Respondent admitted that between February 2007 and December 2014, he obtained, possessed, and in some instances, used to process transactions, 393 pre-signed account forms in respect of at least 131 clients, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Toronto, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.