Mumbai: After the Securities and Exchange Board of India (SEBI) banned finfluencer Avadhut Sathe from accessing the securities market for allegedly running unregistered investment advisory activities under his training institutes’ business, Avadhut Sathe Trading Academy (ASTA) on Friday said that they would challenge the market regulator’s order.
In a statement, ASTA denied the allegations mentioned in the order and reiterated that it only operates as an educational and training institution, not as an investment adviser, research analyst, or financial influencer.
“Our programmes are designed exclusively for skill-building and decision-making training in financial markets. We neither issue stock recommendations nor provide investment advice, nor do we monetise our social media platforms,” ASTA said in the statement.
“We are a victim of a regulatory vacuum and do not fall under the category of Research Analyst or Investment Adviser. We do not issue stock analysis or recommendations, investment advice or research, or execute transactions on behalf of our students,” the statement added.
Earlier, in an interim order, SEBI directed Sathe and his company, Avadhut Sathe Trading Academy Private Limited (ASTAPL), to return Rs 546.16 crore, which the regulator described as unlawful gains.
The action follows a search and seizure operation at Sathe’s Karjat residence and training academy in August of this year. The operation was carried out following allegations that Sathe was giving stock-specific recommendations under the cover of investor education.
SEBI stated that the move followed careful planning, court permissions, and surveillance.
Sathe’s personal journey has often been highlighted as a rise from humble beginnings. He grew up in a Dadar chawl, earned an engineering degree and later worked in IT roles abroad in Singapore, Australia and the US.
He began trading in 1991 and returned to India in 2007 to focus on trading and training full-time. In 2008, he set up the Avadhut Sathe Training Academy (ASTA), which eventually expanded to 17 centres across the country.
(IANS)
