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DFSA Restricts Former Relationship Manager Arnab Mukherjee

06 Mar 2019

The Dubai Financial Services Authority (DFSA) announced that it has imposed a restriction on Arnab Mukherjee, a former relationship manager at a DFSA Authorised Firm. The DFSA found that Mr Mukherjee lacked integrity for producing inaccurate information regarding the amount of a client’s total net assets and for making unauthorised investments for another client that he attempted to conceal.

Accordingly, the DFSA concluded that  Mr Mukherjee is not fit and proper and restricted him from being involved in providing financial services in or from the Dubai International Financial Centre (DIFC).

Specifically, the DFSA found that Mr Mukherjee knowingly gave a client two ‘balance confirmation’ letters that contained incorrect total net asset amounts.  Mr Mukherjee also did not follow the firm’s procedures that required two signatures for such letters, and instead authorised them himself, even though he was not authorised to sign letters of this nature.
 
The DFSA additionally found, that over two years, Mr Mukherjee made unauthorised investments for another client without disclosing them to the client.  He also copied the client's signatures on certain investment documents without permission and falsified account statements to conceal the unauthorised investments.

The firm did not know about Mr Mukherjee’s misconduct at the time it occurred and took appropriate action after discovering it, including informing the DFSA.

Bryan Stirewalt, Chief Executive of the DFSA, said: "The DFSA expects employees of authorised firms in the DIFC to act with integrity when performing their duties, especially senior relationship managers like Mr Mukherjee. The DFSA will not tolerate such misleading conduct by persons working in the financial services industry in the DIFC."

The restriction comes into effect immediately. The action taken against Mr Mukherjee is final as he has not referred the DFSA's decision to the Financial Markets Tribunal for review. A copy of the DFSA's Decision Notice can be found in the Regulatory Actions section of the DFSA website.