A hearing panel of the Canadian Investment Regulatory Organization (CIRO) has fined Sanjeev Kumar Tejpal $20,000 and ordered him to pay $5,000 in costs for recommending unsuitable mutual fund purchases to a client. The panel issued its reasons for decision on June 9, 2026, following a settlement hearing held on May 21, 2026, under the Mutual Fund Dealer Rules.
Details of the Misconduct
The panel found that Tejpal failed to ensure that mutual fund purchases subject to a deferred sales charge (DSC) schedule were suitable for his client. DSC funds typically impose fees if the investor sells within a certain period, making them potentially unsuitable for clients with short-term investment horizons or those who may need liquidity.
The conduct occurred while Tejpal was a Registered Representative with WFG Securities Inc. in the Surrey, British Columbia area, where he currently remains registered.
Settlement and Sanctions
In accordance with the settlement agreement, the panel confirmed the fine of $20,000 and costs of $5,000 imposed on Tejpal. The full reasons for decision are available under the citation "Re Tejpal 2026 CIRO 19."
CIRO is the pan-Canadian self-regulatory organization overseeing all investment dealers, mutual fund dealers, and trading activity on Canada’s debt and equity marketplaces. It is committed to investor protection and efficient regulation.
Background on CIRO Disciplinary Process
CIRO investigates possible misconduct by its member firms and individual registrants. Disciplinary proceedings can result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges. All information about disciplinary proceedings is available on CIRO’s website.
Consumers can check the qualifications and disciplinary history of advisors through the AdvisorReport service, free of charge. Complaints can be made via the secure form or by calling 1-877-442-4322.
