CIRO Hearing Panel issues Reasons for Decision in the matter of Megha Arora

WINNIPEG, MB, Dec. 15, 2023 /CNW/ - Following a settlement hearing held on March 29, 2023, in Winnipeg, Manitoba, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Megha Arora altered client contact information on the Member's system without the knowledge or authorization of the client.

The hearing panel's Reasons for Decision, dated December 8, are available at:

Re Arora, Megha 2023 CIRO 37

In its Reasons for Decision, the hearing panel confirmed the sanctions imposed on Megha Arora. In particular:

• prohibition from conducting securities related business in any capacity while in the employ of or associated with any CIRO Member for a period of 18 months commencing March 29, 2023;
• a fine in the amount of $5,000;
• completion of an ethics or professional conduct course or another course acceptable to Staff prior to becoming re-registered as an Approved Person;

Megha Arora is also required to pay costs in the amount of $5,000.

The alleged violations occurred while Megha Arora was a Registered Representative employed in Winnipeg, Manitoba with Royal Bank of Canada, which is affiliated with Royal Mutual Funds Inc. Megha Arora is no longer a registrant with a CIRO-regulated firm.

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.

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.

SOURCE Canadian Investment Regulatory Organization (CIRO)