SEBI orders Avadhut Sathe Trading Academy to refund ₹546.17 crore

The Securities and Exchange Board of India (SEBI) has ordered Avadhut Sathe Trading Academy Private Limited (ASTPL) and its founder, Avadhut Sathe, to refund ₹546.17 crore to investors. The regulator found that the academy engaged in unregistered investment-advisory and research-analyst activities by providing stock-specific advice, including buy/sell calls, target prices, and stop-loss levels, through paid courses and WhatsApp communications.

In addition to the refund, SEBI imposed penalties totaling ₹11.5 crore: ₹6 crore on the academy, ₹4 crore on Avadhut Sathe, and ₹1.5 crore on director Gouri Avathud Sathe. The academy and its founder are barred from accessing securities markets for two years or until the refund is completed. Gouri Avathud Sathe has been barred for six months.

The academy must deposit the refund amount into a dedicated bank account within five months and publish instructions for claims in English, Hindi, and a local language newspaper within 30 days. Any remaining funds after investor repayments must be transferred to SEBI’s Investor Protection and Education Fund (IPEF).