The Securities and Exchange Board of India (SEBI) took action against Indian stock markets and options trader, Avadhut Sathe, and his trading academy, for running an unregistered investment advisory and research analyst business.
The markets regulator, on Friday, directed Avadhut Sathe Trading Academy Private Limited (ASTAPL) and its founder to refund ₹546.17 crore collected from participants for providing unregistered investment advisory and research analyst services, along with interest of ₹67.87 crore.
Avadhut Sathe started trading and investment in 1991. As per his trading academy’s official website, Sathe regularly conducts seminars in stock market trading since February 2008.
His academy branches are located in multiple cities including Mumbai, Delhi, Navi Mumbai, Pune Hyderabad, Indore, Nashik, etc. The ASTAPL academy runs multiple programmes linked to stock market investment and trading, including eye opener sessions, Geo Program, SMM, PAPA, etc.
SEBI has imposed a total penalty of ₹11.5 crore on the academy, Sathe and Gouri Avadhut Sathe for violations of securities market regulations. As per SEBI’s 171-page final order, Sathe has been fined ₹4 crore, while Gouri Avadhut Sathe has been penalised ₹1.5 crore.