CIRO issues Notice of Settlement Hearing in respect of Vikram Jindal

October 17, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (“CIRO”) announced that it has issued a Notice of Settlement Hearing dated October 5, 2023, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the CIRO’S Ontario District Hearing Committee.

The proposed settlement agreement is between Staff of CIRO and Vikram Jindal (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to Rules 7.3 and 7.4.1.1 of the Mutual Fund Dealer Rules.

The proposed settlement agreement concerns allegations that between July 28, 2017 and September 28, 2021, the Respondent permitted their licensed assistant to conduct trading activity in respect of 15 clients who resided in provinces where the licensed assistant was not registered, contrary to the Dealer Member’s policies and procedures and Mutual Fund Dealer Rules 1.1.5, 2.1.1 and 1.1.2 (as it relates to Rule 2.5.1) (formerly MFDA Rules 1.1.5, 2.1.1, 1.1.2, and 2.5.1).^[1]

As a result of the proposed settlement agreement entered into between Staff of CIRO and the Respondent, a settlement hearing will take place electronically by videoconference before a Hearing Panel of CIRO’s Ontario District Hearing Committee on October 27, 2023, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held. Members of the public who would like to obtain further particulars should contact hearings@ciro.ca.

CIRO settlement hearings are typically held in the absence of the public pursuant to Mutual Fund Dealer Rule 7.3.5 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.

A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in the London, Ontario area.

Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

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