Mumbai: The Securities and Exchange Board of India (SEBI) has taken strict action against Avadhut Sathe, Gauri Avadhut Sathe and their organisation, Avadhut Sathe Trading Academy Private Limited (ASTAPL) for allegedly providing illegal investment advice. In an interim order issued on Thursday (December 4, 2025), SEBI banned them from the market and ordered recovery of crores of rupees.
Allegations of an unregistered advisor using live market data
According to SEBI, ASTAPL/AS was providing investment advisory and research analysis services under the guise of stock market education. The organisation used live market data to provide trading signals and recommendations to investors, which is completely illegal under the regulations.
Over ₹600 crore in fees collected, lakhs of investors affected
The notices collected over ₹600 crore in fees from around 3.37 lakh investors, the interim order said. Sebi termed it as fraudulent activity.
Paid WhatsApp groups created by Avadhut Sathe presented live trading signals as “chart studies”, misleading investors.
False profit claims, allegations of misleading investors
Sebi found that Avadhut Sathe and his organisation exaggerated the alleged profits of course participants. Only profitable trades were shown to attract new investors, while losing trades were hidden.
Sebi issues hefty penalty: orders recovery of ₹601.38 crore
Sebi orders immediate forfeiture of ₹546 crore illegally earned by notice recipients.
In addition, a total of ₹601.38 crore irregularities including interest were ordered.
Website, advertisement and promotional material ordered to be removed
The notice recipients have been ordered to remove all websites, advertisements, videos, brochures and promotional material immediately.
However, SEBI has directed that all these records be preserved for quasi-judicial proceedings.
Details of all assets sought
SEBI has asked Avadhut Sathe and the organization to provide details of all movable and immovable assets, bank accounts, demat accounts, mutual fund investments and company shares within seven working days.
Bank and demat accounts frozen
The order states:
♦ No payment will be made from bank accounts without the permission of SEBI.
♦ No debit will be made from demat accounts either.
♦ Only credit will be allowed.
♦ Some payments can be waived only if there is a surplus.
The ill-gotten gains must be deposited in a fixed deposit.
Within 15 days, Avadhut Sathe and his organization must deposit the specified amount in a fixed deposit with SEBI’s due mark. This amount will not be used without SEBI’s permission.