Business · Markets · 8 hrs ago
SEBI orders Avadhut Sathe academy to refund ₹546.17 crore
SEBI ordered Avadhut Sathe Trading Academy and its founder to refund ₹546.17 crore, plus ₹67.87 crore in interest, to participants in its programmes.
The regulator said the academy and founder gave investment advice and research recommendations without required registration through paid programmes, sessions and WhatsApp groups.
It also found that promotional claims about returns were misleading and that advice was given without checking whether it suited recipients.
The academy, its founder and Gouri Avadhut Sathe were fined ₹11.5 crore in total for securities market rule violations.
The academy and founder are barred from the securities market for two years or until they comply with the refund order, whichever is later; Gouri Avadhut Sathe is barred for six months.
Refunds must be completed within five months of receiving the order, and notices explaining how to claim them must appear in newspapers within 30 days; bank accounts are to remain frozen for debits until required deposits are made.
SEBI ordered Avadhut Sathe Trading Academy and its founder to refund ₹546.17 crore, plus ₹67.87 crore in interest, for providing unregistered investment advisory and research analyst services.
The regulator barred the academy and founder from accessing the securities market for two years or until they comply with the refund order, whichever is later.
SEBI imposed a total penalty of ₹11.5 crore on the academy, Avadhut Sathe and Gouri Avadhut Sathe.
The regulator said the academy and its founder gave advice and recommendations through paid programmes, sessions and WhatsApp groups without registration.
SEBI also found that promotional claims about returns were misleading and that recommendations were given without assessing their suitability for recipients.
- Who
- SEBI; Avadhut Sathe Trading Academy, founder Avadhut Sathe, and Gouri Avadhut Sathe.
- What
- SEBI ordered the academy and its founder to refund ₹546.17 crore plus interest and imposed penalties and market-access restrictions.
- When
- October 23, 2026. The order was issued on Friday.
- Where
- India’s securities market.
- Why
- SEBI found that the academy and its founder provided investment advice and research recommendations without registration, used misleading return claims and failed to assess the suitability of recommendations.
This story does not have two clearly opposing sides.
SEBI issued its final order directing the academy and its founder to refund the identified fees and imposing penalties and market-access restrictions.
The academy and its founder must publish newspaper notices explaining how investors can claim refunds.
The academy and its founder must complete the refunds.
- Refund amount
- ₹546.17 crore
- Interest
- ₹67.87 crore
- Total penalty
- ₹11.5 crore
- Amount collected since inception
- Around ₹601.38 crore
- Founder market-access ban
- Two years or until compliance with the refund direction, whichever is later
- Gouri Avadhut Sathe market-access ban
- Six months