Finfluencer PR Sundar settles with SEBI; to not deal in securities for a year, disgorge over Rs 6 cr

PR Sundar, his company Mansun Consulting and co-promoter of the company Mangayarkarasi Sundar have settled with the Indian market regulator SEBI. This after SEBI initiated an investigation against the three over complaints that they were providing investment advisory services without the requisite registration from the Securities and Exchange Board of India.

As per the settlement order, the three have agreed to refrain from dealing in securities for a year, will pay a settlement amount and disgorge more than Rs 6 crore. The disgorgement amount includes profit earned from advisory services and interest on the profit.

Each of them has to pay a settlement amount of Rs 15.6 lakh which totals to Rs. 46.8 lakh. The disgorgement amount of Rs 6.07 crore also includes the 12% interest applied per annum from June 01, 2020 to February 2023. The revised settlement terms were submitted in February 2023.

SEBI sent a show cause notice to the three after receiving various complaints that PR Sundar was running a website www.prsundar.blogspot.com giving investment advice without registering with the SEBI and that he was offering various packages for providing financial advice. 

The three agreed for the settlement while the investigation proceedings were underway.