November 22, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Azhar Ahmad Batla (the “Respondent”) by Notice of Hearing dated February 10, 2022 (“Notice of Hearing”).
As previously announced, a three-member Hearing Panel of the MFDA’s Central Regional Council made findings of misconduct against the Respondent.
A penalty hearing in this proceeding was has held electronically by videoconference on November 18, 2022, in Toronto, Ontario before a three-member Hearing Panel of the MFDA’s Central Regional Council. After hearing submissions from the parties, the Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for misconduct and sanctions in due course:
- 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.
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 76,695 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.