Mumbai, India – The Securities and Exchange Board of India (SEBI) has issued a significant order against Avadhut Sathe Trading Academy Pvt Ltd (ASTAPL) and its founder, Avadhut Sathe, mandating a refund of ₹546.17 crore. The directive, announced on October 26, 2026, stems from the academy's provision of unregistered investment advisory and research analyst services.
SEBI's Landmark Order and Penalties
In addition to the substantial refund, ASTAPL and Avadhut Sathe are required to pay interest amounting to ₹67.87 crore. The regulator has also barred both the academy and its founder from accessing the securities market for a period of two years, or until full compliance with the refund order, whichever is later. A total penalty of ₹11.5 crore has also been imposed on ASTAPL, Avadhut Sathe, and Gouri Avadhut Sathe.
The regulatory action follows an extensive investigation that found ASTAPL and Sathe offered investment advice and research recommendations through paid programs, sessions, and WhatsApp groups without the mandatory SEBI registration. The academy reportedly collected around ₹601.38 crore from course participants since its inception, with ₹546.17 crore specifically identified for disgorgement and refund.
Allegations of Misleading Practices
SEBI's 171-page final order highlighted several critical findings, including misleading promotional representations about investment returns. Furthermore, the regulator found that investment advice was provided without properly assessing the suitability of these recommendations for the individual recipients, a fundamental requirement for registered advisors.
Who is Avadhut Sathe?
Avadhut Sathe is a Mumbai-based financial trader, trainer, and mentor. His LinkedIn profile indicates that he has been actively involved in trading and investing since 1991, with experience spanning both Indian and US markets, including futures and options.
Before his career in financial markets, Sathe held positions in the technology and corporate sectors. His past roles include Systems Manager at Bombay Port Trust and Mumbai Port Trust, Senior Consultant at Foundation Technology Services, and Senior Solutions Architect at Deloitte Consulting. He also served as Head of PeopleSoft Delivery in Mumbai at Hexaware Technologies from December 2001 to December 2007. Since January 2008, Sathe has been listed as a Director at VentureIntellect Solutions Pvt Ltd and has been associated with SADHAN Capital, SADHAN Ventures, and SADHAN Advisors LLP.
Academically, Avadhut Sathe completed his B.E. in Electronics from the University of Mumbai between 1987 and 1991, followed by an APGDST in Software Engineering from NCST in 1992-93.