Sebi bans Avadhut Sathe and academy; orders Rs 546 crore disgorgement

New Delhi: Sebi on Thursday barred financial influencer Avadhut Sathe and his firm, Avadhut Sathe Trading Academy (ASTAPL), from the securities market and directed them to disgorge Rs 546 crore described as “unlawful gain” from an alleged unregistered investment advisory and research analyst business.

ASTAPL is operated by financial influencer Avadhut Sathe. In a 125-page interim order-cum-show cause notice, Sebi said, "Investigation has revealed that, prima facie, the funds were collected in the accounts of ASTAPL and AS." 

The regulator noted that Gouri Avadhut Sathe was involved in the day-to-day affairs of the company but was not found to be providing any investment advisory or research analyst services to course participants.

According to the order, it was primarily Sathe who devised a scheme in which course participants were encouraged to trade in specific stocks. Recommendations to buy or sell particular securities were allegedly offered by Sathe for a fee under the pretext of providing education. 

Sebi’s whole-time member Kamlesh Chandra Varshney said in the order, "...so far as impounding of the proceeds to the tune of Rs 5,46,16,65,367 is concerned, ASTAPL and AS are jointly and severally liable for the same."

Sebi said, "It is clear that none of noticees (ASTAPL and AS) are registered with Sebi as investment advisor or research analyst. However, despite not being registered, noticees have been providing investment advisory and research analyst services under the guise of their stock market training programs to a large number of investors."

The regulator stated that the entities had collected Rs 601.37 crore from more than 3.37 lakh investors and had been misleading, soliciting and inducing them to trade in the securities market without the required registration.

Sebi directed Sathe and ASTAPL to cease and desist from offering unregistered investment advisory and research analyst services and from presenting themselves as investment advisors or research analysts. The noticees were also barred from using live market data and from advertising the performance or profits of themselves or their course participants.

Sebi added, "It is necessary to take urgent preventive action in this matter to prevent ASTAPL/AS from misleading the public or influencing investors to deal in securities, collecting fees from the public, and engaging in unregistered investment advisory and research analyst activities." 

The order concludes that an interim order-cum-show cause notice was required so that the entities “cease and desist” from such activities.

The regulator said Sathe and his academy must jointly disgorge Rs 546.16 crore, described as the unlawful gain prima facie earned from the alleged unregistered advisory and research activities.

Sebi examined the activities of ASTAPL and Sathe for FY 2023–24 and said the academy selectively showcased profitable trades of participants while marketing training programs that suggested attendees consistently achieved high returns. A detailed investigation was subsequently conducted for the period from July 1, 2017, to October 9, 2025.