FSRA imposes administrative penalties against Sudeep Sharma

The Financial Services Regulatory Authority of Ontario (FSRA) imposed administrative penalties in the total amount of $20,000 against Sudeep Sharma (Sharma).

Sharma contravened the Insurance Act and its regulations by:

  • Making false and misleading statements or representations in the solicitation or registration of insurance, contrary to subsection 17(c) of Ontario Regulation 347/04; and
  • Knowingly procuring, by fraudulent representations, payment, or the obligation for payment of any premium on an insurance policy, contrary to section 395 of the Act.

FSRA issued this order as a result of a settlement with Sharma. As part of the settlement, Sharma undertook not to apply for a licence for eighteen months.

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FSRA is working to protect consumers through its monitoring and enforcement activities.

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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For media inquiries:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

Enforcement Actions