NEW DELHI: monsoon The consulting company and its project sponsors have clarified a case with the capital market supervisory authority Sebi for alleged violations of investment advisor standards. Mansun and its Promoters/Directors – PR Sundar and Mangayarkarasi Sundar – Paid Rs.15.6 lakh each for the settlement fees, according to a Sebi order on Thursday.
In addition, the terms of the settlement also included confiscation of fees collected by Mansun and annual interest of 12% – from June 2020 to February 2023 – of Rs.6.1 crore.
In the revised terms of comparison, the applicants proposed that Mansun, PR Sundar and Work hard “will refrain from buying, selling or otherwise trading in securities in India for a period of one year.”
Sebi received two notices alleging that PR Sundar had provided consulting services without obtaining the necessary registration from the regulator. Upon investigation, it was established that he ran the website through which he offered various packages for the provision of consulting services. Upon further enquiry, it was alleged that the recommendations relating to buying, selling and trading in securities that Mansun had provided to clients fell under the category of “investment advice,” Sebi said.
It was also alleged that the applicants had carried out investment advisory activities without obtaining registration from the regulator and allegedly breached the standards.
In addition, the terms of the settlement also included confiscation of fees collected by Mansun and annual interest of 12% – from June 2020 to February 2023 – of Rs.6.1 crore.
In the revised terms of comparison, the applicants proposed that Mansun, PR Sundar and Work hard “will refrain from buying, selling or otherwise trading in securities in India for a period of one year.”
Sebi received two notices alleging that PR Sundar had provided consulting services without obtaining the necessary registration from the regulator. Upon investigation, it was established that he ran the website through which he offered various packages for the provision of consulting services. Upon further enquiry, it was alleged that the recommendations relating to buying, selling and trading in securities that Mansun had provided to clients fell under the category of “investment advice,” Sebi said.
It was also alleged that the applicants had carried out investment advisory activities without obtaining registration from the regulator and allegedly breached the standards.
