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
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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.