Avadhut Sathe Trading Academy Case: SAT Grants Interim Relief, Schedules Hearing On Jan 9

The Securities Appellate Tribunal (SAT) has permitted Avadhut Sathe Trading Academy Pvt. Ltd. to withdraw funds for essential operational expenses. The academy, along with Avadhut Sathe and Gauri Avadhut Sathe, had contested SEBI's interim ex-parte order.

The tribunal has scheduled the next hearing for Jan. 9.

ASTAPL had requested permission to withdraw Rs 5.25 crore for monthly expenses; however, SEBI objected, noting that Rs 2 crore was earmarked for advertising and Rs 1 crore for seminar costs, which it argued were non-essential.

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In its appeal, ASTAPL sought to overturn SEBI's Dec. 4 order, which prohibited the academy and its promoters from accessing the securities market, collecting course fees, or conducting live trading sessions, and directed the impounding of Rs 546 crore as alleged unlawful gains.

SEBI's interim findings indicate that Sathe's academy engaged in activities such as issuing buy and sell calls, providing live trading signals, and setting stop-loss levels — functions reserved exclusively for registered advisers.

This effectively positioned one individual as a parallel advisory system, reinforcing regulatory concerns that market influence through social platforms is outpacing formal oversight. The academy argued that SEBI's findings were based on flawed data analysis, particularly student trading results used to claim misleading testimonials.

Over 15,000 online platforms spreading misleading market advice were taken down last year. SEBI has also prohibited several high-profile individuals from market participation, including Mohd Nasiruddin Ansari, popularly known as “Baap of Chart,” and YouTuber Asmita Jitesh Patel, who goes by the moniker “She Wolf.”

Earlier this year, SEBI introduced new restrictions under its investor protection framework, banning social media market educators from offering stock tips. The guidelines prohibit claims of guaranteed returns or past performance and extend to advertising, branding, and third-party promotions.

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