Mansun Consultancy's PR Sundar, His Wife Mangayarkarasi Agrees to Disgorge Rs6.07 Crore; Pay Rs46.80 Lakh To Settle Case with SEBI
Moneylife Digital Team 26 May 2023
PR Sundar and Mangayarkarasi Sundar, the proprietors of Mansun Consultancy Pvt Ltd, agreed to disgorge Rs6.07 crore, including 12% interest per annum (pa) and pay Rs46.80 lakh, to settle a case with the Securities and Exchange Board of India (SEBI) for running an investment advisory service. 
 
According to the SEBI settlement order, PR Sundar and his wife Mangayarkarasi would pay Rs15..60 lakh each. 
 
SEBI received two references about Mr Sundar providing advisory services without obtaining requisite registration from the market regulator. After examination, SEBI found he was running a blog prsundar.blogspot.com, through which he offered various packages for advisory services. Mr Sundar was providing advisory through daily calls on Telegram. 
 
The fees collected for the advisory services were received via a payment gateway linked to the bank account of Mansun Consultancy Pvt Ltd, where Mr Sundar and Ms Sundare are promoter directors with 50% shareholding each. 
 
When asked by SEBI, the company submitted a list of recommendations provided by it for January 2021. After analysing the recommendations, the market regulator found that it was related to purchasing, selling and dealing in securities that were communicated to clients. 
 
SEBI then issued a show cause notice to Mansun Consultancy and the Sundars. However, on 9 December 2022, all three filed a settlement application. Their authorised representative met SEBI's internal committee. After due discussion, the committee asked  Mansun Consultancy and the Sundars to submit revised settlement terms.
 
In a communication, they proposed to settle the proceedings for a settlement amount of Rs46.80 lakh and agreed to disgorgement of Rs6.07 crore, including interest of 12% from 1 June 2020 til the payment. 
 
On 22 February 2023, the high-powered committee (HPC) of SEBI considered and approved the settlement. On 3 April 2023, the panel of whole-time members (WTMs) accepted the settlement proposal.
 
On 2nd May, Mansun Consultancy and the Sundars informed SEBI about the remittance of the settlement amount.
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