Options trader and social media influencer PR Sundar, his firm Mansun Consultancy Ltd., and co-promoter Mangayarkarasi Sundar have settled an investment advisory case with the market regulator by agreeing to pay nearly Rs 6.5 crore.
The promoters and the firm offered investment advice in exchange for fees without the necessary registration from the Securities and Exchange Board of India, according to an order uploaded on the regulator's website.
The firm and the two promoters have agreed to pay Rs 15.6 lakh each, aggregating to Rs 46.8 lakh, to settle the matter, SEBI said. They will also disgorge, or return, profits worth Rs 6.07 crore, including an annual interest of 12% from June 1, 2020.
The three entities will refrain from buying, selling or otherwise dealing in securities in India for one year.
After receiving complaints, the regulator found that the three applicants were operating through a website, 'www.prsundar.blogspot.com', to offer various packages for providing advisory services.
The fees in lieu for these services were received via a payment gateway linked to the bank account of Mansun Consultancy held with ICICI Bank Ltd.
The firm was incorporated on June 30, 2017, with PR Sundar and Mangayarkarasi Sundar as promoter directors with 50% shareholding each.
Following the settlement, SEBI will not initiate any other enforcement action against the three for this violation.
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