Decision Notice – CIRO Hearing Panel issues Reasons for Decision in the matter of Neelgiri Chatterjee

HALIFAX, NS, June 10, 2024 /CNW/ – Following a settlement hearing held on May 7, 2024 pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Neelgiri Chatterjee canceled, rather than amended, pre-authorized contributions in clients’ accounts and established new pre-authorized contributions to meet sales targets or qualify for a bonus based on the Dealer Member sales incentives.

The hearing panel issued its reasons for decision on May 24, 2024, which are available at:

Re Chatterjee 2024 CIRO 51

In its reasons for decision, the hearing panel confirmed a prohibition from conducting securities related business in any capacity while in the employ of or associated with a CIRO Dealer Member for a period of 12 months and a $12,500 fine were imposed on Neelgiri Chatterjee.

Neelgiri Chatterjee t is also required to pay costs in the amount of $5,000.

At all material times, Neelgiri Chatterjee conducted business in the Halifax, Nova Scotia area. Neelgiri Chatterjee is not currently registered in the securities industry in any capacity. 

The 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.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO’s website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

SOURCE Canadian Investment Regulatory Organization (CIRO)