The Australian Securities and Investments Commission (ASIC) has brought emergency proceedings in the Federal Court against Sunny Mahendra Prakash and his associated companies, Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd and Super Funds Australia Pty Ltd ITF Main Superannuation Fund.

Mr Prakash is a Chartered Accountant, Registered Tax Practitioner, Self-Managed Superannuation Fund Auditor and Financial Adviser, who is authorized by Principal Financial Services Pty Ltd to provide financial product advice on, amongst other products, Retirement Savings Account and Superannuation products.

ASIC is currently investigating the business conducted by Mr Prakash and Related Companies, including in relation to financial advice and activities on client trading accounts from 28 January 2016 onwards.

On 28 March 2023, the Court made orders preserving the assets of Mr Prakash and Related Companies and restraining Mr Prakash from leaving Australia. On April 19, 2024, the parties agreed to an amendment to accommodate these asset preservation orders.

The matter is listed for a case management hearing on May 16, 2024.

Any person who is a client of Mr Prakash or Affiliates and has concerns about the advice they have received, their investments and/or their account transactions can contact ASIC at Client.Queries.for.Mr.Prakash @asic.gov.au.