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Charles Toth
Vice President, Enforcement

CIRO Hearing Panel issues Reasons for Decision in the matter of Azhar Batla

July 20, 2023 (Toronto, Ontario) – A Hearing Panel of the Mutual Fund Dealers Association of Canada, Canadian Investment Regulatory Organization (“CIRO”), has issued its Reasons for Decision dated June 29, 2023 (“Reasons for Decision”), in connection with a penalty hearing held electronically by videoconference in Toronto, Ontario on November 18, 2022, in the matter of Azhar Ahmad Batla (the “Respondent”).

In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:

  • a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
  • a fine in the amount of $145,000; and
  • costs in the amount of $15,000.

A copy of the Reasons for Decision is available on the MFDA website at

During the period described in the Notice of Hearing, the Respondent conducted business in the Toronto, Ontario area.

Canadian Investment Regulatory Organization is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit


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