MFDA announces disciplinary proceeding in respect of Sanjeev Duggal
TORONTO, Jan. 14, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Sanjeev Kumar Duggal (the "Respondent"). In its Notice of Hearing dated December 19, 2014, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between in or about December 2009 and June 2011, the Respondent referred one client to a company that sold mortgage investment products and received $60,500 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with:
| a) |
sections 13.7 to 13.10 of National Instrument 31-103; and |
| b) |
MFDA Rule 2.4.2. |
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 3, 2015 at 12:30 p.m. (Eastern), in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance 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 conducted business in the Oakville, 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 107 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
Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]
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