FSRA refuses to renew the licence of Sanjay Pahuja

The Financial Services Regulatory Authority of Ontario (FSRA) issued an order refusing to renew the mortgage agent licence of Sanjay Pahuja under the Mortgage Brokerages, Lenders and Administrators Act, 2006.

Sanjay Pahuja is not suitable for licensing having regard to the circumstances prescribed under the Act. Specifically, Pahuja provided false or misleading information on his licensing applications contrary to subsection 45(1) of the Act. Sanjay Pahuja's past conduct also affords reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty since he was found by the Law Society of Ontario to have misappropriated funds and acted without integrity, and has contravened the Act by accepting fees outside of the brokerage contrary to section 4(1) of Ontario Regulation 187/08.

Sanjay Pahuja initially disputed the Notice of Proposal to refuse to renew his licence and requested a hearing before the Financial Services Tribunal but recently withdrew his request for hearing. As such, FSRA issued the order to refuse to renew the mortgage agent licence in accordance with the Notice of Proposal.

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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]