IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 16 and 21;

AND IN THE MATTER OF Chanderkant Jindal.

NOTICE OF PROPOSAL TO REFUSE TO RENEW LICENCE

TO: Chanderkant Jindal

TAKE NOTICE THAT pursuant to sections 16 and 21 of the Act, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) is proposing to refuse to renew the mortgage agent license of Chanderkant Jindal.

Details of these contraventions and reasons for this proposal are described below. This Notice of Proposal includes allegations that may be considered at a hearing.

SI VOUS DÉSIREZ RECEVOIR CET AVIS EN FRANÇAIS, veuillez nous envoyer votre demande par courriel immédiatement à: contactcentre@fsrao.ca

YOU ARE ENTITLED TO A HEARING BY THE FINANCIAL SERVICES TRIBUNAL (THE “TRIBUNAL”) PURSUANT TO SECTIONS 21(2) and 21(3) OF THE ACT. A hearing by the Tribunal about this Notice of Proposal may be requested by completing the enclosed Request for Hearing Form (Form 1) and delivering it to the Tribunal within fifteen (15) days after this Notice of Proposal is received by you. The Request for Hearing Form (Form 1) must be mailed, delivered, faxed or emailed to:

Address:
Financial Services Tribunal
25 Sheppard Avenue West, 7^th Floor
Toronto, Ontario
M2N 6S6

Attention: Registrar

Fax: 416-226-7750

Email: contact@fstontario.ca

TAKE NOTICE THAT if you do not deliver a written request for a hearing to the Tribunal within fifteen (15) days after this Notice of Proposal is received by you, orders will be issued as described in this Notice of Proposal.

For additional copies of the Request for Hearing Form (Form 1), visit the Tribunal's website at www.fstontario.ca

The hearing before the Tribunal will proceed in accordance with the Rules of Practice and Procedure for Proceedings before the Financial Services Tribunal ("Rules") made under the authority of the Statutory Powers Procedure Act, R.S.O. 1990, c. S.22, as amended. The Rules are available at the website of the Tribunal: www.fstontario.ca. Alternatively, a copy can be obtained by telephoning the Registrar of the Tribunal at 416-590-7294, or toll free at 1-800-668-0128 extension 7294.

At a hearing, your character, conduct and/or competence may be in issue. You may be furnished with further and or other particulars, including further or other grounds, to support this proposal.

REASONS FOR PROPOSAL

I. INTRODUCTION

1. These are reasons for the proposal by the Director to refuse to renew the mortgage agent license issued to Chanderkant Jindal (“Jindal”).

II. BACKGROUND

A. FSRA Licensing History

2. Jindal is currently licensed as a mortgage agent (level 2) (licence #M20002588) under the Act. Jindal has been licensed as a mortgage agent since October 7, 2020.
3. On March 5, 2025, Jindal applied to renew his mortgage agent license.
4. Jindal was also licensed as a life agent and accident and sickness agent (licence #20187437) under the Insurance Act from December 30, 2020, until the licence expired on December 29, 2024. Jindal is not currently licensed under the Insurance Act.
5. FSRA issued a Notice of Proposal to Impose an Administrative Penalty (the “Insurance NOP”) for the reasons outlined in the Insurance NOP.
6. The Director repeats and relies on the particulars outlined in the Insurance NOP, in addition to the allegation that Jindal provided a false statement to FSRA on his mortgage agent licence renewal application.

B. Material Misstatement on License Renewal Application and False Statements

7. On November 30, 2023, Industrial Alliance (“IA”) submitted a Life Agent Misconduct Report (“LAMR”) to FSRA regarding Jindal’s conduct as an insurance agent.
8. On January 26, 2024, a FSRA compliance officer interviewed Jindal regarding the allegations outlined in the LAMR.
9. On February 20, 2024, Jindal submitted an application to FSRA to renew his mortgage agent license (the “2024 License Renewal”). On his 2024 License Renewal, Jindal falsely declared that he was not the holder of an insurance license and currently the subject of an investigation. As outlined above and in the Insurance NOP, Jindal was aware that he was the subject of an investigation relating to his activities as an insurance licensee.
10. Jindal declared on the 2024 License Renewal that he had truthfully answered all the questions and certified that he understood that providing false or misleading information may be sufficient grounds to revoke or refuse to renew a license.
11. On March 5, 2025, Jindal submitted his most recent application to FSRA to renew his mortgage agent license (the “2025 License Renewal”). On his 2025 License Renewal, Jindal declared that he was the holder of an insurance license and currently the subject of an investigation.

C. False Statements

12. The IA LAMR alleged that Jindal forged signatures on two insurance applications (the “Applications”), resulting in the issuance of unauthorized insurance policies to two consumers (the “complainants”).
13. Jindal made multiple false statements to FSRA with respect to the complainants’ Applications including that:
    1. The complainants requested insurance policies.
    2. The complainants signed the Applications.
    3. The complainants sent the Applications to IA from their email addresses.

III. GROUNDS FOR REFUSAL TO RENEW LICENSE

14. Section 16(4) of the Act states that the Chief Executive Officer shall renew the license of an applicant who satisfies the prescribed requirements for renewal of the license unless the Chief Executive Officer believes, on reasonable grounds, that the applicant is not suitable to be licensed having regard to such circumstances as may be prescribed and such other matters as the Chief Executive Officer considers appropriate.
15. Section 10 of Ontario Regulation 409/07 provides that, in determining whether an individual is not suitable to be licensed as a mortgage broker or agent, the Chief Executive Officer is required by subsections 14(1) and 16(4) of the Act to have regard to the following prescribed circumstances:
    1. Whether the individual’s past conduct affords reasonable grounds for belief that he or she will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
    2. Whether the individual is carrying on activities that contravene or will contravene the Act or the regulations if he or she is licensed.
    3. Whether the individual has made a false statement or has provided false information to the Chief Executive Officer with respect to the application for the license.
16. The Director has reasonable grounds to believe that Jindal is not suitable to be licensed as a mortgage agent. The Director is satisfied that Jindal’s past conduct as described in the Insurance NOP demonstrates a pattern of providing false statements. This conduct affords reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty under the Act.
17. The Director is also satisfied that Jindal made a material misstatement or omission to FSRA on his 2024 License Renewal, by falsely indicating that he was not the subject of an investigation as a holder of his insurance license. This false statement is contrary to section 10, paragraph 3, of Ontario Regulation 409/07 under the Act.
18. Jindal disclosed that he was under investigation as a holder of an insurance license on his 2025 License Renewal. However, Jindal’s false statements to FSRA with respect to the Applications and his material misstatement or omission on his 2024 License Renewal, provide reasonable grounds for belief that Jindal will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
19. The purpose of licensing is to ensure that consumers receive honest and ethical mortgage brokering services from those licensed to participate in the industry. When FSRA issues a licence, it is a public endorsement that the licensee can serve as a trusted advisor to their clients, who often rely on their mortgage agents when making significant financial decisions. When Applicants fail to disclose material information, they prevent FSRA from performing its gatekeeping function of assessing suitability for a license.
20. A license subject to conditions will not sufficiently cure Jindal’s pattern of dishonest conduct.
21. Such further and other reasons as may come to my attention.

DATED at Toronto, Ontario, April 28, 2025.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.