May 26, 2020 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Lachman Hassaram Balani (“Respondent”) by Notice of Hearing dated June 19, 2019.
In its Reasons for Decision (Misconduct) dated February 10, 2020, the Hearing Panel found that the allegations made against the Respondent in the Notice of Hearing had been established.
Submissions by Staff of the MFDA with respect to sanctions was held today by electronic hearing before a three-member Hearing Panel of the MFDA’s Central Regional Council. The Hearing Panel reserved its decision on penalty and advised that it will issue its decision and written reasons in due course.
Copies of the Reasons for Decision (Misconduct) and the Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Misconduct), the Respondent conducted business in Brampton, 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 81,000 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.