The Ontario Securities Commission (OSC) has handed down a permanent ban to a man found to have committed fraud by the B.C. Securities Commission (BCSC).

The OSC released its decision and issued a order permanently banning, Ajit Singh Basi, a former mutual fund rep, from trading, registration, and serving as a director or officer in Ontario.

The ban reciprocates similar sanctions that were imposed by the BCSC after it found that Basi committed fraud. (See Investment Executive, BCSC bans former fund salesman for fraud, Jan. 3, 2012.)

The Ontario ban followed a written hearing that Basi did not participate in, or make any submissions to, according to the OSC’s decision in the case. It says that OSC staff sought the ban in order to protect investors and the capital markets in Ontario by imposing similar restrictions as the BCSC.

And, it relied on the BCSC’s findings in making its ruling. “In imposing the market conduct restrictions in this matter, I am relying on the BCSC order. In my view, it is not appropriate in doing so to revisit or second-guess the BCSC’s findings,” it said in the decision, ruling that a ban is in the public interest.