NEW DELHI: Mansun Consultancy and its promoters have settled with capital markets regulator Sebi a case on alleged violation of investment advisers norms. Mansun and its promoters/directors – P R Sundar and Mangayarkarasi Sundar – paid Rs 15.6 lakh each towards the settlement charges, according to a Sebi order on Thursday.
Besides, the terms of the settlement also included the disgorgement of the fees collected by Mansun, along with the 12% annum interest – from June 2020 till February 2023- of Rs 6.1 crore.
In the revised settlement terms, the applicants proposed that Mansun, P R Sundar and Mangayarkarasi “shall refrain from buying, selling or otherwise dealing in securities in India for one year”.
Sebi received two references alleging that P R Sundar was providing advisory services without obtaining the requisite registration from the regulator. Upon examination, it was observed that he was running the website through which he was offering various packages for providing advisory services. On further enquiry, it was alleged that the recommendations related to purchasing, selling and dealing in securities were communicated to the clients by Mansun fall under the category of ‘investment advice’, Sebi said.
It was also alleged that the applicants have carried out investment advisory activities without obtaining registration from the regulator and allegedly violated the norms.