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14-033MR ASIC accepts enforceable undertaking from former director
ASIC has accepted an enforceable undertaking (EU) from Mr Manish Babulal Jani of Ryde, New South Wales, a former director of AIE Fiduciary Services Pty Ltd (AIE), which prevents him from managing a corporation for five years.
ASIC’s investigation found that between 18 April 2013 and 8 November 2013, Mr Jani failed to uphold a number of general obligations expected of him as the director of an Australian financial services (AFS) licensee.
Specifically, ASIC found Mr Jani failed to ensure AIE:
met its statutory obligations
maintained proper books of account
was solvent when company debts were incurred
carried out its obligations as an AFS licensee
adequately supervised its authorised representatives
had authorised representatives that were adequately trained and competent to provide financial services
held and retained a dispute resolution system, and
established and maintained adequate risk management systems.
The EU also prevents Mr Jani from having any involvement in financial services for two years.
Deputy Chairman Peter Kell said, ‘Directors hold a position of trust in any organisation and they must adhere to their obligations. If they do not, ASIC will act to ensure they are removed from the industry.’
On 6 November 2020, ASIC accepted a variation to the enforceable undertaking from Mr Jani. Download a copy of the variation.