The Securities and Exchange Board of India (SEBI) has accepted investment advisor PR Sundar’s consent application, as the latter has agreed to pay around ₹6.55 crore through consent mechanism.
SEBI had earlier sent show-cause notices to PR Sundar, his company Mansun Consulting, and co-promoter of the company Mangayarkarasi Sundar, for providing investment advisory services without the requisite registration from the regulator.
Upon examination, it was observed that PR Sundar was running the website www.prsundar.blogspot.com through which he was offering various packages for providing advisory services, SEBI said. The fees collected in lieu of the services were received via a payment gateway linked to the bank account of Mansun Consultancy Pvt Ltd, the regulator had said.
In response to the notices, the three have filed a settlement application with SEBI.
The settlement amount as ₹15.60 lakh had to be paid by each, totalling to ₹46.80 lakh; and disgorgement amount of ₹6.08 crore, including interest of 12 per cent per annum from June 1, 2020, till the date of submission of the revised settlement terms, which was reached in February 2023.
Besides, the three have agreed to refrain from buying, selling or otherwise dealing in securities for one year from the passing of the Settlement Order.