PR Sundar adopts silence after settlement with Sebi

After settling his case with Securities and Exchange Board of India (Sebi), financial trader PR Sundar posted a tweet on Saturday, where he said remaining silent for some time would be the best response.

"People who believe you, need no explanation. People who do not believe you, no amount of explanation will help. So keeping silence, at least for some time, is the best response," Sundar wrote on Twitter on Saturday.
Sundar, his company Mansun Consulting and co-promoter Mangayarkarasi Sundar settled with Sebi that they offered investment advisory services without the necessary registration from the market regulator.

It was observed in the Settlement Order that Sundar was running the website through which he was providing various packages for offering advisory services. The trio have agreed to refrain from buying, selling or dealing in securities for a period of one year from the passing of the order.

"Upon examination, it was observed that Applicant no. 2 (PR Sundar) 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," the order stated.

Sundar and Mangayarkarasi Sundar are promoters of Mansun, incorporated on June 30, 2017, with 50 per cent shareholding each.