The Securities and Exchange Board of India (Sebi) has launched an investigation against financial influencer and options trader Purisai Rajamani Sundar, his son Mangayarkarasi Sundar, and their firm Mansun Consultancy for unregistered investment advisory services.
The matter has been listed for examination by the capital markets regulator.
P R Sundar, who is not registered with Sebi, has been known for giving options trading advice and training on his social media handles. He has over a million subscribers on YouTube and nearly 480,000 followers on Twitter.
“This is a two-year-old matter when I was associated with a Sebi registered advisory company. Instead of taking payments from the company, my firm had collected payments on their behalf. We received the first show-cause notice in May 2022 and another in this month. We are assisting Sebi with all the details,” said P R Sundar.
Recently, the finfluencer also received flak from social media users for manhandling critics and using foul language.
Financial influencers have come under Sebi’s scanner recently, for giving trading advice without having the required registrations. Sebi is working on new guidelines to govern them.