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by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned former Scotia Securities Inc. employee Gaurav (Gavin) Banerjee over undisclosed dealings with a client who held substantial assets. CIRO claims that Mr. Banerjee borrowed money from the client and repaid only a small portion. For his part, Mr. Banerjee admitted to the loan and said that he was unaware he had violated any rules.

The ban for Mr. Banerjee is contained in a decision that CIRO released on May 27, 2026. The regulator has barred Mr. Banerjee from conducting securities-related business while employed at a CIRO member -- essentially a ban from the industry. In addition, Mr. Banerjee must pay fines and costs totalling $53,500. The sanctions represent a negotiated settlement, in which Mr. Banerjee has admitted to the violations.

The case arises from a relatively small loan that Mr. Banerjee arranged in 2024. According to the decision, he borrowed $35,000 from a "Client X" who had substantial assets with Scotia Securities. Mr. Banerjee was to repay the money in monthly instalments of $1,500 until the loan was paid off. The loan, which Mr. Banerjee received on July 19, 2024, did not carry any interest.

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