Key Points
Finfluencer PR Sundar, his company Mansun Consulting and co-promoter of the company Mangayarkarasi Sundar have settled with the capital markets regulator and agreed to return the advisory fee, following complaints that they were providing investment advisory services without the requisite registration from the Securities and Exchange Board of India (Sebi)...
The three parties have agreed to refrain from buying, selling or otherwise dealing in securities for one year from the passing of the settlement order to disgorge more than 6 crore, which includes profit earned from advisory services and interest on the profit..
Upon examination, it was observed that Applicant no. 2 (PR Sundar) was running the website www.prsundar.blogspot.com through which he was offering various packages for providing advisory services..
Sebi had received various complaints that the Chennai-based social media finfluencer was running the website www.prsundar.blogspot.com through which he was offering various packages for providing the advisory services..
The fees collected in lieu of the services were received via a payment gateway linked to the bank account of Mansun Consultancy held with ICICI Bank..
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