TORONTO, Nov. 13, 2013 /CNW/ - The MFDA today announced that it has
commenced disciplinary proceedings in respect of Ashutosh Kumar Singh
(the "Respondent"). MFDA staff alleges in its Notice of Hearing that
the Respondent engaged in the following conduct contrary the By-laws,
Rules or Policies of the MFDA:
Allegation #1: Between August 14, 2007 and May 24, 2012, the Respondent used
approximately 250 forms bearing photocopied client signatures relating
to the accounts of 85 different clients to, among other things, process
trades in the clients' accounts and record and update the clients'
Know-Your-Client ("KYC") information, contrary to MFDA Rule 2.1.1.
Allegation #2: Prior to August 23, 2012, the Respondent obtained and maintained
approximately 12 blank pre-signed forms relating to the accounts of at
least 7 different clients, contrary to MFDA Rule 2.1.1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Central Regional Council on
November 18, 2013 at 10:00 a.m. (Eastern) in the MFDA hearing room
located at 121 King Street West, Suite 1000, Toronto, Ontario. The
purpose of the appearance is to set a date for the hearing of this
matter on its merits and to address any other procedural matters and
will be open to the public, except as may be required for the
protection of confidential matters.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent
carried on business in the Brampton, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business
conduct of its 114 Members and their approximately 80,000 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.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement