MFDA announces disciplinary proceeding in respect of Azhar Batla

TORONTO, Feb. 22, 2022 /CNW/ - The Mutual Fund Dealers Association of Canada (the "MFDA") has commenced disciplinary proceedings in respect of Azhar Ahmad Batla (the "Respondent"). In its Notice of Hearing dated February 10, 2022 (the "Notice of Hearing"), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:

Allegation #1: Between approximately May 2019 and June 2019, the Respondent misappropriated or obtained monies from a client and deposited the monies into his own account, contrary to MFDA Rules 2.1.1 and 2.1.4^[1].

Allegation #2: In May 2019, the Respondent provided misleading information to the Member on an account form and in response to a Member compliance query, contrary to MFDA Rule 2.1.1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on April 22, 2022, at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.

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 conducted business in the Toronto, 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 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.

[1] On June 30, 2021, amendments to MFDA Rule 2.1.4 came into effect.  As the conduct addressed in this proceeding, pre-dated the amendment to the Rule, the contravention of MFDA Rule 2.1.4 that is addressed in this Notice of Hearing is of the version of MFDA Rule 2.1.4 that was in effect between February 27, 2006, and June 30, 2021.

SOURCE Mutual Fund Dealers Association of Canada

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]