ASIC bans Sydney mortgage broker

ASIC also prohibited Ms Sahay from performing any function involved in the engaging of credit activities, including as an officer, manager, employee, contractor, or in any other capacity within the meaning of the Corporations Act, for five years.

It has come after ASIC found that Ms Sahay allowed her father, former Aussie Home Loans broker Shiv Prakash Sahay, to engage in credit activities using her and her company’s (Absolute Finance) credit representative authority and ANZ accreditation.

Mr Sahay was permanently banned by ASIC from engaging in credit activity in September 2015. In June 2020, Mr Sahay was sentenced in the Downing Centre Local Court for two charges of breaching the National Consumer Credit Protection (NCCP) Act.

Specifically, ASIC found that Ms Sahay:

• Was aware that Mr Sahay had been permanently banned from engaging in credit activity;
• Was involved in 31 contraventions of the NCCP Act by Mr Sahay, by being knowingly concerned in, or party to, the contraventions; and
• Does not possess the attributes of diligence, judgement, honesty, and integrity required to fulfil her duties and obligations imposed by the credit legislation and is not a fit and proper person to engage in credit activities.

Ms Sahay’s banning is recorded on ASIC’s Banned and Disqualified Persons Register.

Ms Sahay has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

[Related: Aussie welcomes ASIC action against broker]