Notice of Disqualification – Rajesh Sha - 9 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for regulation and oversight of the superannuation industry in Australia. The Act was introduced by the Australian Parliament to ensure that superannuation entities operate in a manner that protects the interests of superannuation members. It aims to provide a framework for the supervision of superannuation entities, trustees, and responsible officers to maintain the integrity and stability of the superannuation system. The SISA sets out various requirements and prohibitions to ensure that superannuation entities are managed responsibly and in the best interests of their members. The policy objective of the SISA is to safeguard the retirement savings of Australians by ensuring that the superannuation industry is regulated effectively and that trustees and responsible officers are fit and proper persons. The Act empowers the Commissioner of Taxation to disqualify individuals from being trustees or responsible officers if they are deemed unfit, thereby protecting the superannuation system from potential misconduct and mismanagement.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration of superannuation entities, including trustees and responsible officers. Specifically, the act targets those who have contravened its provisions and provides for the disqualification of such individuals from acting in a responsible capacity within the superannuation industry. The reach of the SISA extends nationally, governing conduct across Australia. The Act does not specify exclusions or exemptions, meaning its application is broad, unless otherwise defined through subordinate instruments. The disqualification notice issued under subsection 126A(6) of the SISA, which will be published as a Notifiable Instrument in the Federal Register of Legislation, further ensures transparency and compliance by making the disqualification publicly known. Additionally, the Act imposes penalties, including up to two years imprisonment, for those who knowingly contravene the disqualification order by continuing to act in a prohibited capacity.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides mechanisms to protect the integrity and administration of superannuation entities, including the ability to disqualify individuals from acting as trustees or responsible officers. Section 126A(6) of the SISA requires the Commissioner of Taxation or a delegate to provide notice of disqualification to the affected person, detailing the reasons for the decision. Section 126A(2) and 126A(3) specify the grounds for disqualification, which can include instances where a corporate trustee contravenes the SISA, and the individual was a responsible officer at the time, or if the individual is not considered a fit and proper person to hold such a position. Rajesh Sha has been disqualified under these provisions, effective immediately as of the notice date. The disqualification is based on the satisfaction that Rajesh was a responsible officer of a corporate trustee that contravened the SISA on one or more occasions, and the seriousness of these contraventions warrants the disqualification. Additionally, it has been determined that Rajesh is not a fit and proper person to continue in his role. This disqualification is communicated formally and will be published as a Notifiable Instrument in the Federal Register of Legislation, as required by subsection 126A(7) of the SISA. Rajesh, as a disqualified person, is now subject to specific obligations and restrictions. Under section 126K of the SISA, it is an offence for Rajesh to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate involved in these capacities. This means that Rajesh cannot participate in the administration or management of any superannuation entity, either directly or indirectly. Breaching this prohibition can lead to criminal penalties, including up to two years imprisonment as outlined in the SISA. Moreover, the disqualification can be revoked by the Commissioner of Taxation or a delegate, either on their own initiative or upon Rajesh's written application as per subsection 126A(5) of the SISA. Should Rajesh believe the disqualification is unjust, he has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as per section 344 of the SISA. This request must be made in writing and should outline the reasons for contesting the decision.