Ontario Securities Commission
Ontario Securities Commission Commission des valeurs mobilières de l’Ontario 22nd Floor 20 Queen Street West Toronto ON M5H 3S8 22e étage 20, rue queen oust Toronto ON M5H 3S8
Citation: Ajit Singh Basi, 2013 ONSEC 37 Date: 2013-10-30
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF AJIT SINGH BASI
REASONS AND DECISION
(Subsections 127(1) and 127(10) of the Act)
Decision: October 30, 2013
Panel: James E. A. Turner - Vice-Chair
Counsel: Harald Marcovici - For Staff of the Commission
TABLE OF CONTENTS
I.......... OVERVIEW II........ FINDINGS OF THE BRITISH COLUMBIA SECURITIES COMMISSION III....... ANALYSIS A. Subsection 127(10) of the Act B. Submissions of the Parties C. Should an Order be imposed? D. The Appropriate Restrictions IV....... CONCLUSION Schedule “A”
REASONS FOR DECISION
I. OVERVIEW
1This was a hearing (the “Hearing”) conducted in writing before the Ontario Securities Commission (the “Commission”) pursuant to subsections 127(1) and 127(10) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) to consider whether it is in the public interest to make an order imposing market conduct restrictions against Ajit Singh Basi (the “Respondent” or “Basi”).
2A Notice of Hearing in this matter was issued by the Commission on June 25, 2013 and a Statement of Allegations was filed by Staff of the Commission (“Staff”) on June 24, 2013. Both the Notice of Hearing and the Statement of Allegations were duly served on the Respondent.
3On July 7, 2013, the Commission heard an application by Staff to convert this matter to a written hearing in accordance with Rule 11.5 of the Commission’s Rules of Procedure (2012), 35 OSCB 10071,