Regulator tied licence suspension to false insurance paperwork and misleading filings
Ontario’s financial watchdog suspended the licence of mortgage agent Chanderkant Jindal after finding he submitted forged insurance applications and later misled regulators about his conduct and licensing status.
According to an order published by the Financial Services Regulatory Authority of Ontario (FSRA), “Jindal’s mortgage agent licence (licence # M20002588) is suspended for a period of six-months.” The suspension formed part of a settlement that also imposed a $5,000 administrative penalty and stricter oversight once he returned to work as an agent.
Dual-sector misconduct at heart of case
Minutes of settlement between FSRA and Jindal showed the case began in the insurance sector. “On or about February 15, 2023, Jindal submitted two insurance applications to Industrial Alliance (IA),” the document stated, adding that “Jindal completed the Applications and signed them for the consumers.” As a result of those actions, “the consumers lost their pre-existing insurance policy with IA.”
Regulators said Jindal later compounded the problem when he renewed his mortgage agent licence. On his 2024 renewal application, “Jindal falsely declared that he was not the holder of an insurance license and currently the subject of an investigation,” despite having been interviewed by a FSRA compliance officer weeks earlier.
He also “tried to conceal his actions from FSRA by providing documents to FSRA that were not authentic.”
FSRA concluded that Jindal “contravened 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,” and that he made “a material misstatement or omission on his 2024 License Renewal.”
Ontario’s mortgage regulator moved to shut the door on two industry professionals after court findings and allegations that cut to the heart of suitability, disclosure and fraud risk in the broker channel.https://t.co/kS4NJdT1Wq
— Canadian Mortgage Professional Magazine (@CMPmagazine) January 22, 2026
Strict conditions on return to brokering
Under the settlement, Jindal’s licence is to be downgraded when the suspension ends. FSRA ordered that “Jindal’s mortgage agent licence will be a level 1 mortgage agent licence” and that “all mortgages arranged by Jindal must be reviewed by his Principal Broker.”
He is not permitted to access brokerage client files unless “directly involved with the client file,” and has to provide FSRA with a statement every three months, signed by him and his principal broker, confirming compliance for two continuous years before he could apply again as a level 2 agent.
FSRA guidance stated that assessing whether an agent would “deal or trade in mortgages in accordance with the law and with integrity and honesty” is a core licensing test, and that prior misconduct involving “fraud, forgery, dishonesty or the provision of false information” weighs heavily against suitability.
Part of a wider enforcement pattern on falsified documents
In recent years, FSRA actions included a $52,000 penalty against mortgage agent Jaswinder Dhanoa over falsified bank statements and income documents, and the licence refusal of Manpreet Ghai after altered bank statements and fabricated employment records supported more than $5 million in mortgages.
FSRA also revoked the brokerage licence of Valor Financial Corp. over forged client signatures and fake commitment letters, while a separate case saw a mortgage agent lose his licence after what the regulator and the Financial Services Tribunal described as a “consistent and ongoing pattern of dishonesty” across multiple regulated industries.
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