Mortgage Broker Astna Shirtika Sahay, of Mascot NSW, Banned from engaging in any credit activities for five years.

ASIC has taken serious action against mortgage broker Astna Shirtika Sahay from Mascot, NSW, by banning her from engaging in any credit activities for five years. This also includes a prohibition from holding any role related to credit activities, such as an officer, manager, employee, or contractor, as per the Corporations Act.

The ban stems from Ms. Sahay’s involvement in allowing her father, Mr. Shiv Prakash Sahay, to use her and her company’s (Absolute Finance) credit representative authority and ANZ accreditation. Despite his prior permanent ban from credit activities issued by ASIC in September 2015.

ASIC found Ms. Sahay had been knowingly involved in 31 contraventions of the National Consumer Credit Protection Act committed by Mr. Sahay and concluded that she lacks the necessary attributes of diligence, judgement, honesty, and integrity required for engaging in credit activities.

Ms. Sahay’s banning is recorded on ASIC’s Banned and Disqualified Persons Register, and she has the option to appeal the decision to the Administrative Appeals Tribunal.

This action is part of ASIC’s broader investigation into Mr. Sahay, who was sentenced in June 2020 for breaching the National Consumer Credit Protection Act. Details in ASIC Media Release 20-138MR

The ASIC Media release regarding Ms Sahay’s banning can be found here