Under the terms of the undertaking, Jaidka agreed that, for five years, he will not:

• Carry on a financial services business.
• Provide financial services.
• Act in a managerial capacity of any entity operating a financial services business or providing legal, accounting or other advisory services to a financial services business.

Jaidka is the first individual to receive a court-enforceable undertaking this year, although a company Elevare Pay Easy Pty received one at the start of February.

In December 2023, Mudasir Mohammed Naseeruddin was sentenced to over four years imprisonment after dishonestly obtaining client funds from six investors’ SMSF accounts.

He received a 4 years and 4 months total prison sentence on 21 December 2023, and will also serve a non-parole period of 2 years and 9 months.

ASIC said it may accept a court-enforceable undertaking to improve and enforce compliance with the law. They are not necessarily used as an alternative to other enforcement actions but can complement or enhance such actions.

ASIC will not usually accept a court-enforceable undertaking: