The Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) received two references inter aliaalleging that Applicant no. 2, Mr. P R Sundar was providing advisory services without obtaining the requisite registrationfrom SEBI.Upon examination, it was observed that Applicant no. 2 was running the website www.prsundar.blogspot.com through which he was offering various packages for providing advisory services. The fees collected in lieu of the services were received via a payment gateway linked to the bank account of Applicant no. 1, Mansun Consultancy Pvt. Ltd.(hereinafter referred to as ‘Mansun/ company’) held with ICICI Bank Ltd.Mansun was incorporated on June 30, 2017. Applicant no. 2, Mr. P R Sundarand Applicant no. 3, Ms. Mangayarkarasi Sundarare the promoter directors of the company
thats too harsh !
No it’s not. Am sure the people who follow him have lost more money than that.
Anyone providing advisory needs to be registered as RIA. SEBI has stringent norms for advisors. Since he wasn’t registered, he was in violation.
Whether, people lost money due to his advise is immaterial to this.
Many many such advisors do exist. Big fish got involved and so the case.
That’s not a serious offence. Can happen sometimes.
SEBI has barred him from trading for 1 year, so that he can fully focus on seminars and can advise (No distractions) . Gave him free ka publicity so more people know him.
Some way or other SEBI helped him. He couldn’t have got this much publicity even by spending millions of rupee which SEBI did almost for free.
Not free. He paid around 6 crores. And that’s the official figure. Must have paid 1-2 crore in brube as well to sebi officials. So this is his advertising cost
Controversies or bans give one unmatched free publicity.
Still nothing…to get a brand ambassador like SEBI