Decision in brief: Ontario Securities Commission v Namburi, Enforcement Proceeding, Merits and Sanctions and Costs, March 9, 2026

In this enforcement case, the OSC alleged that Namburi did not comply with the Tribunal’s earlier order that he not be a director or officer of any company for ten years. The OSC says that despite that order, Namburi continued to be a director of two companies.

Namburi did not participate in this hearing, but the Tribunal decided he was aware of it and chose not to participate.

The Tribunal decided that Namburi broke the Tribunal’s order because he continued to be a director of one company for two years and another for three years. It wasn’t until a year after receiving a warning from the OSC that Namburi fully complied with the Tribunal’s order.

Because of the seriousness of Namburi’s actions, the Tribunal decided that he should be banned from being a director and officer of any company for an additional four years and six months after the existing ban ends. This length reflects the amount of time that Namburi broke the order (about three years) plus an additional 18 months.

The Tribunal also decided that Namburi must pay an administrative penalty of $7,500. This amount reflects how serious his actions were, how long he broke the order for, and will send a message to Namburi and others that breaking Tribunal orders will not be tolerated by the Tribunal.

Namburi must also pay costs to the OSC of $4,328.75, which were slightly reduced to exclude costs not directly attributable to this case.