ASIC bans Engadine mortgage broker

ASIC has banned mortgage broker Chandar Prakash Sahai, of Engadine, NSW, from engaging in credit activities for seven years.

ASIC has also prohibited Mr Sahai 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 seven years.

ASIC found Mr Sahai allowed his brother, Mr Shiv Prakash Sahay, to engage in credit activities by acting as an intermediary between credit providers and clients, under his credit representative authority. ASIC permanently banned Mr Sahay from engaging in credit activities in September 2015 (15-284MR).

Specifically, ASIC found Mr Sahai:

– was involved in seven contraventions of the National Consumer Credit Protection Act by Mr Sahay, by being knowingly concerned in, or party to, the contraventions;

– was not adequately trained or not competent to engage in credit activities, where in the event that Mr Sahai had not been aware that he was assisting Mr Sahay to contravene his banning order, he should have made enquiries and conducted due diligence to reveal that he was dealing with Mr Sahay, and be aware of the banning order made against Mr Sahay;

– does not possess the attributes of diligence, judgement, honesty and integrity necessary to discharge the duties and obligations imposed by the credit legislation and is not a fit and proper person to engage in credit activities; and

– is likely to continue contravening the National Consumer Credit Protection Act.

Mr Sahai’s banning is recorded on ASIC’s Banned and Disqualified Persons Register.

Mr Sahai has appealed to the Administrative Appeals Tribunal for a review of ASIC’s decision.


Mr Sahai’s banning arises from ASIC’s investigation into Mr Shiv Prakash Sahay. On 16 June 2020, Mr Sahay was sentenced in the Downing Centre Local Court for two charges of breaching the National Consumer Credit Protection Act (20-138MR).

On 4 January 2021, ASIC banned mortgage broker Ms Astna Sahay, of Mascot NSW, from engaging in any credit activities for five years (21-001MR).

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