TORONTO, Aug. 12, 2025 /CNW/ - Ontario's financial services regulator, FSRA, imposes an administrative penalty of $10,000 and licence conditions on Ishaan Ahuja ("Ahuja").
Ahuja is no longer suitable to be licensed unconditionally under the Insurance Act, R.S.O. 1990, c.I.8, as amended (the "Act") and its regulations, because he provided false information with respect to the applications for the licences and he is not of good character and reputation or otherwise suitable to receive a licence. These are the grounds for refusing to renew the licences under sections 4 and 8 of Ontario Regulation 347/04, pursuant to the Act.
FSRA issued this order as a result of a decision of the Financial Services Tribunal in, Ishaan Ahuja v. Ontario (CEO of FSRA), 2025 ONFST 3.
The Tribunal directed FSRA to issue the licence with conditions to address the risks identified. FSRA had proposed to refuse the licence.
FSRA has filed an appeal of the Tribunal's decision to the Ontario Superior Court of Justice, Divisional Court. The appeal is scheduled to be heard on October 8, 2025.
On June 18, 2025, the Tribunal directed a stay of their decision and Order of April 11 in Ishaan Ahuja v. Ontario (CEO of FSRA), 2025 ONFST 6, pending a decision of the Court on the appeal.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
Share this article