The Securities and Exchange Board of India (Sebi) has imposed penalties totalling ₹11.5 crore on Avadhut Sathe Trading Academy Pvt. Ltd (ASTAPL) and its directors, and barred them from accessing the securities markets for periods of up to two years for providing unregistered investment advisory and research analyst activities.
In a final order issued on Friday, the market regulator directed ASTAPL and its founder Avadhut Dinkar Sathe to disgorge and refund ₹546.17 crore to eligible investors and participants who paid for its unregistered services. It has also ordered a deposit of ₹67.87 crore in interest with Sebi’s Investor Protection and Education Fund.
Sebi imposed a penalty of ₹6 crore on ASTAPL, ₹4 crore on Sathe and ₹1.5 crore on Gouri Avadhut Sathe, another director.
Sebi also prohibited ASTAPL and Avadhut Sathe from accessing or dealing in the securities markets, directly or indirectly, for two years or until they comply with the refund direction, whichever is later. Gouri Sathe has been barred for six months.
Sebi had issued an interim order on the matter on 5 December 2025.