ASIC has cancelled the Australian financial services (AFS) licence of Ruchir Mukund Sayani (AFSL 489084).

The licence was cancelled because Ruchir Mukund Sayani failed to maintain external dispute resolution membership with the Australian Financial Complaints Authority (AFCA).

The cancellation took effect on 7 November 2022.

AFCA provides external dispute resolution services for consumers that have unresolved disputes with entities providing financial and credit services. Where entities fail to maintain external dispute membership, ASIC will take formal action to cancel or suspend their licenses.

Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under s912A. This includes the obligation to hold membership of a dispute resolution system.

Ruchir Mukund Sayani may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

Ruchir Mukund Sayani held AFS licence number 489084 since 28 June 2017.

Editor's Note:

The committal mention was adjourned until 15 October 2024. Bail is to continue.