Mumbai: Finfluencer Avadhut Sathe, accused of providing misleading trading advice through his firm Avadhut Sathe Trading Academy Pvt Ltd (ASTAPL), has challenged the SEBI order passed against him and his wife, Gauri Avadhut Sathe, alleging that the order was passed based on allegations of just 12 of his students, which number 3.5 lakh in total.
Appearing before the Securities Appellate Tribunal (SAT), Avadhut Sathe had sought permission to withdraw ₹5.25 crore for basic monthly expenses, but was granted just ₹2.25 crore by the SAT. This was after the SAT reviewed the arguments from both sides, and upheld SEBI’s stand that almost ₹3 crore requested was for advertisements and to conduct seminars- unnecessary expenses as ASTAPL has got a cease and desist order.
On December 4, SEBI passed a 125 page order against ASTAPL, barring its promoters and the academy from the securities market and restraining them from conducting live trading sessions. The market regulator also impounded ₹546 crore from the academy alleging unlawful gains.
SEBI alleged that ASTAPL offered investment advice and shared trading tips without the necessary registrations as an investment advisory (IA) and research analyst (RA) firm, while projecting itself as a stock market education platform.
The Order, SEBI says, relies on video recordings, complaints and search and seizure operations conducted in August 2025. The next hearing for the case is scheduled for January 9, 2026.
