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

AND IN THE MATTER OF the Insurance Act, 2006, R.S.O. 1990, c.I.8, as amended (the “Insurance Act”), in particular sections 441.2 and 441.3;

AND IN THE MATTER OF Chanderkant Jindal.

MINUTES OF SETTLEMENT AND UNDERTAKING

PART I – INTRODUCTION

Chanderkant Jindal (“Jindal”) is currently licenced as a mortgage agent (level 2) (licence # M20002588) under the MBLAA since October 7, 2020.
Jindal was also licenced as a life agent and accident and sickness agent (licence #20187437) under the Insurance Act from December 30, 2020, until his licence expired on December 29, 2024. He is not currently licenced under the Insurance Act.
On April 28, 2025, the Director, Litigation and Enforcement (“Director”), by delegated authority from the Chief Executive Officer (“CEO”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued two Notices of Proposal in respect of Jindal’s conduct in the insurance sector (the “IA NOP”) and the mortgage sector (the "MBLAA NOP”).
The IA NOP proposed to impose a $5,000 administrative monetary penalty (“AMP”) under the Insurance Act and the MBLAA NOP proposed to refuse to renew Jindal’s mortgage agent licence under the MBLAA.
Jindal disputed the allegations and, on May 12, 2025, requested a hearing before the Financial Services Tribunal (the “Tribunal”) in respect of the IA NOP and MBLAA NOP.
Jindal and the Director, by delegated authority from the CEO (collectively the “Parties”), wish to resolve these matters on consent and without a hearing before the Tribunal.

PART II – AGREED FACTS

A. False or Misleading Statements or Representations

On or about February 15, 2023, Jindal submitted two insurance applications to Industrial Alliance (“IA”) (the “Applications”). As a result, two IA insurance policies (“the “Policies”) were issued to two individuals (the “consumers”). The consumers are spouses.
The consumers had previously inquired about obtaining a mortgage through Jindal and in the process provided Jindal with their personal information.
Jindal completed the Applications and signed them for the consumers.
The consumers complained to IA and IA requested information from Jindal. Jindal did not provide a response to IA.
As a result of Jindal’s actions, the consumers lost their pre-existing insurance policy with IA.

B. False Statements and Material Misstatement on License Renewal Application

On January 26, 2024, a FSRA compliance officer interviewed Jindal regarding the submission of the Applications to IA.
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.
Jindal made false statements to FSRA with respect to the Applications including that the consumers signed the Applications and the consumers sent the Application to IA from their email addresses.
Jindal tried to conceal his actions from FSRA by providing documents to FSRA that were not authentic.

PART III – NON-COMPLIANCE WITH THE ACT

By engaging in the conduct described in Part II of these Minutes of Settlement and Undertaking (“Minutes”), Jindal admits and acknowledges that he breached the Insurance Act by contravening section 17(c) of Ontario Regulation 347/04 of the Insurance Act by making false or misleading statements or representations in two insurance applications submitted to IA.
In view of the above non-compliance, Jindal agrees that the IA NOP will be carried out against him.
Additionally, Jindal consents to a six-month suspension of his mortgage agent licence and the following conditions on his mortgage agent licence upon completion of the six-month suspension:
1. Jindal’s mortgage agent licence will be a level 1 mortgage agent licence;
2. All mortgages arranged by Jindal must be reviewed by his Principal Broker;
3. Jindal shall not access client files at his brokerage unless he is directly involved with the client file;
4. Jindal shall provide FSRA with a statement every three months, singed by Jindal and his principal broker confirming that he is complying with his licence conditions and statutory obligations; and
5. Jindal must comply with the above supervisory conditions for a continuous period of two years before he can apply to be a level 2 mortgage agent.

PART IV – TERMS OF SETTLEMENT

Jindal admits the facts contained in Part II of these Minutes and admits the contraventions stated in Part III of these Minutes.
Jindal acknowledges and agrees that he has been given the opportunity to seek independent legal advice and has done so (or has waived the right to do so) and is entering into these Minutes voluntarily, understanding the consequences of doing so.
Jindal acknowledges that these Minutes are an undertaking within the meaning of the Act, and that failure to comply may result in immediate regulatory action including, but not limited to, the issuance of a Notice of Proposal to revoke the licence, a Notice of Proposal to impose an administrative penalty, or a prosecution under the Provincial Offences Act.

(a) Issuance of Orders

Jindal acknowledges that, upon execution of these Minutes by both Parties, the Orders, attached hereto as Schedules “A” and “B” to these Minutes (collectively the “Orders”), will be issued.

(b) Process for Execution of Settlement

Jindal acknowledges that these Minutes are not binding on the Director until signed by the Director.
These Minutes may be executed in counterparts and may be executed and delivered by facsimile or e-mail, and all such counterparts and facsimiles or e-mails, as applicable, shall together constitute one and the same agreement.
Upon receiving an executed copy of these Minutes from FSRA, Jindal will withdraw his Request for Hearing Forms (Form 1) before the Tribunal in respect of both the IA NOP and the MBLAA NOP by completing Withdrawal/Discontinuance (Form 5) Forms and filing them with the Registrar at the Tribunal within five (5) business days.
Upon confirmation from the Tribunal that the Request for Hearing Forms for the IA NOP and the MBLAA NOP have been withdrawn and the hearings have been cancelled, the Parties agree that the Director will issue the Orders in the form attached as Schedules “A” and “B” to these Minutes.
The Parties accept and understand that these Minutes and any rights within the Minutes shall enure to the Parties and to any successors or assigns of the Parties.

(c) Disclosure of Minutes and Orders

The Parties will keep the terms of these Minutes and the Orders confidential until the Orders are issued, except that:
1. The Director shall be permitted to disclose the Minutes and the Orders within FSRA;
2. Jindal shall be permitted to disclose the Minutes and the Orders to his legal representatives, financial professionals, and/or spouse; and
3. The Parties shall be permitted to inform the Financial Services Tribunal.
If either Party does not sign these Minutes or the Director does not issue the Orders:
1. These Minutes, the Orders, and all related discussions and negotiations will be without prejudice to FSRA and Jindal; and
2. The Parties will each be entitled to all available proceedings, remedies, and challenges, including proceeding to a hearing of the allegations contained in the NOP. Any proceedings, remedies and challenges will not be affected by these Minutes, the Order, or any related discussions or negotiations.
Upon issuance of the Orders:
1. Jindal acknowledges that these Minutes and the Orders are public and will be published by FSRA on its public website (or that of its successor) along with a press release that summarizes these Minutes and the Orders; and
2. The Parties agree not to make representations to any member of the public or media or in a public forum that are inconsistent with these Minutes or the Order.

(d) Further Proceedings

Whether or not the Order is issued, Jindal will not use, in any proceeding, these Minutes or the negotiation or process of approval of these Minutes as the basis for any attack on FSRA’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may be available.
Upon issuance of the Order:
1. Jindal waives all rights to a hearing before the Tribunal regarding the NOP;
2. Jindal waives all rights to a judicial review or appeal of the Order;
3. Jindal acknowledges that, subject to paragraph (iv), FSRA may consider the conduct and admissions described in these Minutes in any future licencing decision, administrative penalty, or prosecution as an aggravating factor;
4. The Director agrees that FSRA will not initiate further proceedings against Jindal based solely on the conduct and admissions described in these minutes unless:
  1. New facts come to FSRA’s attention that are materially different from those described in these Minutes;
  2. Jindal fails to comply with these Minutes or the Orders;
  3. Jindal applies for a licence under the Insurance Act or any other Act administered by FSRA.
5. Jindal agrees that should he fail to comply with any term in these Minutes or the Order, FSRA is entitled to bring any proceedings available to it.

DATED December 19, 2025 at Brampton, Ontario

Original signed by

Chanderkant Jindal

DATED December 19, 2025 at Brampton, Ontario

Original signed by

Leah Collins
Name of Witness

DATED at Toronto, Ontario December 24, 2025.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario

By delegated authority from the Chief Executive Officer

SCHEDULE A

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

AND IN THE MATTER OF Chanderkant Jindal (“Jindal”).

ORDER TO SUSPEND LICENCE AND IMPOSE CONDITIONS ON LICENCE

Jindal is licenced as a mortgage agent (licence # M20002588) under the Act.

On April 28, 2025, 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”) issued a Notice of Proposal to refuse to renew Jindal’s mortgage agent licence due to his past conduct in the insurance sector and for providing false information on his licence renewal application.

A Request for Hearing (Form 1) dated May 12, 2025, was delivered to the Financial Services Tribunal (the “Tribunal”), in accordance with section 39(5) of the MBLAA respecting this Notice of Proposal.

On [TBD], Jindal withdrew the Request for Hearing and the Tribunal closed its file with respect to the matter. This Order is made pursuant to a settlement entered into by Jindal and the Director.

ORDER

Jindal’s mortgage agent licence (licence # M20002588) is suspended for a period of six-months.

Upon completion of the six-month suspension, Jindal’s mortgage agent license will be issued subject to the following conditions:

Jindal’s mortgage agent licence will be a level 1 mortgage agent licence;
All mortgages arranged by Jindal must be reviewed by his Principal Broker;
Jindal shall not access client files at his brokerage unless he is directly involved with the client file;
Jindal shall provide FSRA with a statement every three months, signed by Jindal and his Principal Broker, confirming that he is complying with his licence conditions and statutory obligations; and
Jindal must comply with the above supervisory conditions for a continuous period of two years before he can apply to be a level 2 mortgage agent.

DATED at Toronto, Ontario.

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

SCHEDULE B

IN THE MATTER OF the Insurance Act, 2006, R.S.O. 1990, c.I.8, as amended (the “Insurance Act”), in particular sections 441.2 and 441.3;

AND IN THE MATTER OF Chanderkant Jindal (“Jindal”).

ORDER TO IMPOSE ADMINSTRATIVE MONETARY PENALTY

Jindal was licenced as a life agent and accident and sickness agent (licence #20187437) under the Act from December 30, 2020 until the licence expired on December 29, 2024. Jindal is currently not licenced under the Act.

On April 28, 2025, 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”) issued a Notice of Proposal to impose an administrative monetary penalty on Jindal for making false or misleading statements or representations in the solicitation or registration of insurance contrary to Section 17(c) of Ontario Regulation 347/04.

A Request for Hearing (Form 1) dated May 12, 2025, was delivered to the Financial Services Tribunal (the “Tribunal”), in accordance with section 407.1(3) of the Insurance Act respecting this Notice of Proposal.

On [TBD], Jindal withdrew the Request for Hearing and the Tribunal closed its file with respect to the matter. This order is made pursuant to a settlement entered into by Jindal and the Director.

ORDER

An administrative penalty in the total amount of $5,000 is hereby imposed on Jindal, for the reasons set out in the Notice of Proposal.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Jindal with information as to where and how to pay the administrative penalty. Jindal must pay the administrative penalty no later than twelve (12) months after the order is issued.

If Jindal fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario,

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.