Chennai-based well-known stock market options trader PR Sundar’s Manson Consultancy has been brought under the watchful eye of SEBI. SEBI to probe into unregistered investment advice
BR Sundar, who started his career as a mathematics teacher, got an introduction to the stock market, learned the ins and outs of option trading and earned several crores of rupees annually. He started gaining popularity after the advent of social networking sites. He will openly post his annual income in it. There are those who say that because he conducts classes on options trading, he discloses all his earnings publicly. He also reports on the daily trend of the market through YouTube and Twitter.
In this case, the stock market regulatory body SEBI has brought his company under surveillance. In this regard, BR Sundar’s Manson Company has been listed under Section 11B of the SEBI Act in the November 28 case list on the SEBI website. Inquiring about providing investment advice without registration.
According to the SEBI Act 1992, only those who have passed the examination and registered with the system can provide investment advice. SEBI is constantly monitoring this in the interest of investors. But in spite of that, many people claim that what came to their mouths is investment advice and cause many people to lose.
Regarding the SEBI action, PR Sundar told the Moneycontrol website: Two years ago, Cebu Wealth Management, a SEBI-registered consultancy, requested to provide research analysis for its clients. I am registered as research analyst in NISM. I asked for a fee for providing my services to the Cebu company. They asked to receive as consultancy fee to avoid additional operational expenses like GST, Input Credit, TDS etc. This is a procedural violation according to SEBI, for which they are seeking an explanation. We stopped everything right then and there. Said thus.
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