ASIC permanently bans former broker

The move will see the broker and her husband barred from engaging in credit agencies after contravening a prior ASIC order

ASIC permanently bans former broker



ASIC has permanently banned husband and wife, Shrikrishna and Shilpa Karandikar, from engaging in credit activities.

ASIC's investigation found that from mid-2014 to February 2016, Mrs Karandikar had acted as an intermediary between consumers and the National Australia Bank for the purpose of securing a home loan, contrary to the terms of an ASIC banning order in force against her. The home loan applications were submitted to the National Australia Bank through her husband's mortgage broking business in Dandenong, Siddhi Vinayak Finance Pty Ltd.

Mr Karandikar was permanently banned from engaging in credit activities for being involved in Mrs Karandikar's contravention of the terms of her 2014 banning order. ASIC also found that Mr Karandikar had engaged in misleading and deceptive conduct by certifying that he had completed customer identification forms in the presence of home loan applicants when he had not.

It was found that Mr and Mrs Karandikar therefore were not fit and proper persons to engage in credit activities.

The National Australia Bank identified the misconduct and reported it to ASIC.

ASIC acting chair Peter Kell said, "ASIC will uphold the integrity of its administrative powers in the interest of protecting the public from unscrupulous mortgage brokers."

Mr and Mrs Karandikar have the right to seek a review of ASIC's decisions to the Administrative Appeals Tribunal. ASIC's investigation is continuing.


On 10 July 2014, Mrs Karandikar was banned by ASIC from engaging in credit activities for a period of four years, following an ASIC investigation that found she had submitted false documents to secure a $243,000 home loan for a customer.

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