PR Sundar says, '...is the best response' after settling Sebi advisory case
2 min read 27 May 2023, 10:15 AM ISTPR sundar breaks silence after settling Sebi advisory case
PremiumFinfluencer PR Sundar who yesterday settled with the capital markets regulator and agreed to return the advisory fee, has now given a justification on Twitter.
PR Sundar wrote, "People who believe you, need no explanation.
People who do not believe you, no amount of explanation will help.
So keeping silence, at least for some time, is the best response".
Following complaints that they were offering investment advisory services without the necessary Securities and Exchange Board of India (Sebi) registration, PR Sundar, his company Mansun Consulting, and co-promoter of the company Mangayarkarasi Sundar reached a settlement with the capital markets regulator and agreed to return the advisory fee.
The three parties have agreed to disgorge more than ₹6 crore, which includes profit from advisory services and interest on the profit, and to refrain from purchasing, selling, or otherwise dealing in securities for a period of one year following the passing of the settlement order.
The settlement order, which was passed on May 25, said that each party was had to pay a settlement payment of over ₹15 lakh, for a total of ₹46,80,000, as well as a disgorgement amount of over ₹6 crore.
The Chennai-based social media influencer was running the website www.prsundar.blogspot.com through which he was advertising various packages for giving advisory services, and Sebi had received numerous complaints about this.
The market regulator sent a showcause notice to all three entities on May 17, 2022, and a follow-up showcase notice with additional observations on November 8, 2022, following receipt of the tip and analysis.
According to reports, Sundar is the owner of a Jaguar and a Mercedes Benz S Class. He resides in a four-story penthouse in Tamil Nadu that is worth ₹30 crore. He began trading stocks in 2007 and has about 50,000 followers on Twitter. He was well-known for posting instructional videos about options trading on a daily basis to his YouTube channel, which had tens of thousands of views.
PR Sundar settles SEBI advisory case, to not deal with securities for a year; check details