November 15, 2023 (Toronto, Ontario) – A settlement hearing in the matter of Vikram Jindal (the “Respondent”) was held electronically by videoconference on October 27, 2023, in Toronto, Ontario before a three-member Hearing Panel of the Ontario District Hearing Committee of the Canadian Investment Regulatory Organization (“CIRO”). The Hearing Panel accepted the settlement agreement dated October 4, 2023 (the “Settlement Agreement”), between Staff of CIRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $5,000; and
- costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that between July 28, 2017 and September 28, 2021, the Respondent permitted their licensed assistant to conduct trading activity in respect of 15 clients who resided in provinces where the licensed assistant was not registered, contrary to the Dealer Member’s policies and procedures and Mutual Fund Dealer Rules 1.1.5, 2.1.1 and 1.1.2 (as it relates to Rule 2.5.1) (formerly MFDA Rules 1.1.5, 2.1.1, 1.1.2, and 2.5.1).
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the London, Ontario area.
The Canadian Investment Regulatory Organization (CIRO) 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 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 www.ciro.ca.