'Victim Of Regulatory Vacuum': Avadhut Sathe Denies SEBI Charges, To Challenge Ban

Avadhut Sathe Trading Academy (ASTA) on Friday denied the allegations by the Securities and Exchange Board of India, claiming it was solely a training institution.

"Our programmes are educational and aimed at skill building and training in decision making in financial markets among investors and traders," the finfluencers academy said in a statement on Friday.

The organisation claimed that it is a 'victim of regulatory vacuum' and doesn't fall under the category of Research Analyst or Investment Adviser. It further clarified that it cannot be classified as a FinInfluencer as they do not monetise any of the YouTube or social media channels such as Instagram or Telegram.

They also said that they will take necessary steps to protect its legal rights. "The order will be challenged in the appropriate forum and we have full faith in the legal and judicial framework," it said in its statement.

SEBI on Thursday alleged unlawful gains of over Rs 546 crore, directing that these should be impounded from him and his academy.

SEBI's order also bans Sathe from the securities market until further notice and prohibits him from advertising his performance or those of his course participants.

Sathe has been directed to not collect any fee from existing course participants, and remove all websites and advertisements related to his academy.

Earlier in August, SEBI had conducted a search operation at Sathe's trading academy. The finfluencer had claimed that his group did not provide stock tips or advisory services.

In a video exclusively accessed by NDTV Profit back in August, Sathe attempted to clarify his organisation's stance to his students and claimed that his group does not provide stock tips or advisory services.

Sathe had further mentioned that his classes will continue as per the schedule. The video was circulated by him on the WhatsApp groups he has with his academy students.