India’s market regulator, the Securities and Exchange Board of India (SEBI), has ordered Avadhut Sathe Trading Academy and its founder, Avadhut Sathe, to refund ₹546.17 crore collected through programmes that the regulator found involved unregistered investment advisory and research analyst services. An additional ₹67.87 crore in interest has also been directed, taking the total amount to approximately ₹614 crore.
In its 171-page final order dated October 23, 2026, SEBI found that paid training programmes, live trading sessions and WhatsApp groups went beyond general stock market education. Participants were reportedly given stock-specific buy and sell calls, entry and exit levels, stop-loss targets and trading strategies without the required regulatory registration. The regulator also flagged misleading promotional claims about trading returns.
SEBI imposed a total penalty of ₹11.5 crore, including ₹6 crore on the academy, ₹4 crore on Avadhut Sathe and ₹1.5 crore on director Gouri Avadhut Sathe. The academy and its founder have been barred from accessing the securities market for two years or until they comply with the refund directions, whichever is later. Gouri Sathe faces a six-month market ban.
The refund amount must be deposited into a designated account within five months of receiving the order. Newspaper notices explaining the refund-claim process must be published within 30 days. Eligible participants will need to follow the official claim procedure to seek repayment.
The order highlights SEBI’s growing scrutiny of financial educators who provide actionable stock recommendations without the required registration.
India ke market regulator, Securities and Exchange Board of India (SEBI) ne Avadhut Sathe Trading Academy aur uske founder Avadhut Sathe ko ₹546.17 crore refund karne ka order diya hai. Iske alawa, ₹67.87 crore interest ke roop mein bhi refund karne ko kaha gaya hai. Is tarah total refund amount approximately ₹614 crore ho jata hai.
23 October 2026 ko jaari apne 171-page final order mein SEBI ne find kiya ki academy ke paid training programmes, live trading sessions aur WhatsApp groups sirf stock market education tak limited nahi the. Participants ko specific stocks ke buy-sell calls, entry aur exit levels, stop-loss targets aur trading strategies provide ki ja rahi thi, bina required regulatory registration ke. SEBI ne trading returns ko lekar kiye gaye misleading promotional claims par bhi concerns raise kiye.
SEBI ne total ₹11.5 crore ka penalty impose kiya hai. Ismein academy par ₹6 crore, Avadhut Sathe par ₹4 crore aur director Gouri Avadhut Sathe par ₹1.5 crore ka fine shamil hai. Academy aur Avadhut Sathe par two years ka securities market ban lagaya gaya hai, ya refund directions ka compliance hone tak, whichever is later. Gouri Sathe par six months ka market ban lagaya gaya hai.
Refund amount ko order receive hone ke five months ke andar designated account mein deposit karna hoga. Refund claim process explain karne ke liye 30 days ke andar newspaper notices bhi publish karne honge. Eligible participants ko apna refund claim karne ke liye official process follow karna hoga.
This action highlights SEBI's increasing focus on financial educators who provide specific stock recommendations without the required registration. It also reinforces the difference between general stock market education and regulated investment advisory services.