MAS Reprimands: i) Raghavendra Manjunatha Rao; ii) Kogila Durai (Formerly Known as Kogilavani D/O Sinnadurai Appanna Mrs Vickneshwaran Kogilavani); and iii) Abdul Nazar Bin Syed Ibrahim for Contraventions of Section 7(1) (Now Repealed) of the Financial Advisers Act ["FAA"]

1        On 20 July 2012, MAS reprimanded Mr Raghavendra Manjunatha Rao [“Rao”], Ms Kogila Durai (formerly known as Kogilavani D/O Sinnadurai Appanna Mrs Vickneshwaran Kogilavani) ["Kogila"] and Mr Abdul Nazar Bin Syed Ibrahim ["Abdul Nazar"] for contraventions of section 7(1) (now repealed)1 of the FAA. 

2        Section 7(1) (now repealed) of the FAA states that no person shall act as or hold himself out to be a representative of a licensed financial adviser unless that person holds a representative's licence that is related to that financial adviser.

3        Rao, Kogila and Abdul Nazar provided financial advisory services without holding a representative's licence with MAA Financial Planners Pte Ltd, and hence contravened section 7(1) (now repealed) of the FAA. 

MAS expects all representatives of a licensed or exempt financial adviser to comply with the provisions of the FAA, Financial Advisers Regulations and the conditions of their appointments at all times.

1 With effect from 26 November 2010, section 7(1) has been replaced with section 23B(1) of the FAA due to the introduction of the Representative Notification Framework. 

Last Modified on 26/11/2016