Finfluencer settles with SEBI

Financial influencer (Finfluencer) PR Sundar, his company Mansun Consulting and co-promoter of the company Mangayarkarasi Sundar have settled the case regarding violation of regulations of the Securities and Exchange Board of India by providing investment advisory services without the requisite Sebi registration.

In the settlement order issued by the Sebi, the three have agreed to refrain from buying, selling or otherwise dealing in securities for one year from the passing of the settlement order, pay a settlement amount and disgorge more than Rs 6 crore, including profit earned from advisory services and interest on the profit.

According to the order, the settlement amount of Rs 15.60 lakh will have to be paid by each of the three entities, totaling to Rs 46.80 lakh. They will have to shell out the disgorgement amount of Rs 6,07,69,863, including interest of 12 percent per annum from June 1, 2020 till the date of submission of the revised settlement terms (RST), which was reached in February 2023.