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tanno sudarshana pracodayat.
The Sudarshana Chakram is the mighty weapon of Lord Narayana and has many auspicious attributes associated with it. Most importantly, it has the attribute of "Pida Pradanam" which gives immediate relief from pain and sufferering to the seeker/performer.
The Sudarshana Chakram also has the attribute of "Papa Nashanam", i.e., the destruction of sins. This is the first step to be adopted in the realization of God (Lord Narayana).
Swami Desikan most eloquently summarizes the characteristics of the mighty Chakram in both the Sudarshana Ashtakam as well as the Shodasayudha Stotram.
The Chakram pervades both space and time as gleaned from Swami Desikan's Shodasayudha Stotram (Kala Chakram Jagat Chakram Cha). Also the the Sudarshana Chakram is the abode of the Vyuha Murthis Sankarshana and Para Vasudeva (forms of Narayana in Vyuha) as seen from Swami Desikan's Sudarshana Ashtakam (Nija Para Vyuha Vaibhava). The Sudarshana is the mighty jwala at the center of the Kalanala and has the radiance of a 1000 suryas as can be seen from the Stotram of Ambarisha (Sahasraditya Sankasham Sahasra Vadanam Param Sahasradoh Sahasraram Prapadyeham Sudarshanam). Thus, this is dispeller of all forms of darkness (ignorance, evil). Also, the mighty Jwala is the aspect of Jwala Nrisimhar who destroyed Hiranyakashipu and therefore, is resident in the Sudarshana Yantram. Thus, offering prayers to Sudarshana Chakram is equivalent to offering prayers to the entire Dashavataram. Great scholars seek the support of the Chakram before engaging in debates as can be seen from Swami Desikan's Sudarshana Astakam (Pratita Vidwat Sapakshita). In the Ahirbudhnya Samhita, Ahirbudhyan (Shiva) desires to see the glorious form of Sudarshana Chakram which is again referenced in Swami Desikan's Sudarshana Ashtakam (Bhajata Ahirbudhnya Lakshita).
The Sudarshana Chakram grants Moksham to anyone who surrenders to it as well as anyone who is killed by it (examples: Shishupala, the crocodile who held Gajendra in his clutches, Narakasura who were all liberated on account of being killed by the Chakram). Ambarisha is an example of one who surrendered to the Chakram and was thus constantly protected by the Chakram. At his request, the Chakram desisted its pursuit of Durvasa Maharishi. Great scholars have not been able to understand the full extent or power of the Sudarshana Chakram (as seen from Swami Desikan's Sudarshana Ashtakam Parijanatrana Pandita).
The Sudarshana Chakram has healing characteristics. Therefore performance of the Sudarshana Homam gives relief froma afflictions of fever and even possession by the mighty Brahma Rakshasa. A legend has it that Swami Desikan composed the Sudarshana Astakam to help the people of a village stricken by the plague epidemic. As soon as Swami Desikan finished his composition, the epidemic was over.
In conclusion, the performance of the Sudarshana Homam grants the performer health, wealth and prosperity. If the performer seeks spiritual benefits, while performing the Homam, he gets it. If the person seeks material benefit, he is blessed with all riches upon conclusion of the Homam. You may find the related articles by Shri Sadagopan (on the Sudarshana Narasimha iconography as well as his translation of the Sudarshana Ashtakam) very useful. I have gained a lot of information in this post from his articles.
om klim krishnaya govindaya gopijana-vallabhaya
paraya parama-purushaya paramatmane
para karma mantra yantra tantra aushada astra shastrani samhara samhara
mrityor mocaya mocaya //
om namo bhagavate maha-sudarshanaya diptre
jwala parivritaya sarva –dikshobhana karaya
hum phat brahmane parama-jyotishe sahasrara hum phat swaha