SEBI Raids Avadhut Sathe Trading Academy In Mumbai For Over 10 Hours — Details Emerge
Finfluencer Avadhut Sathe is under the radar of the SEBI for unregistered advisory services.
The Securities and Exchange Board of India conducted a search operation at the trading academy of Avadhut Sathe, a prominent finfluencer. The operation, which began early on August 20, lasted over 10 hours and concluded in the evening.
According to sources familiar to NDTV Profit, SEBI officials arrived at the academy premises around 7 a.m. on Wednesday.
The raid comes amid growing concerns over unregistered advisory services and alleged market manipulation. Finfluencer Avadhut Sathe is under the radar of the SEBI for unregistered advisory services. The Illegal gains from his operations are likely to be in the range of Rs 400-500 crore, NDTV Profit has learned.
Speaking at a FICCI event earlier, SEBI whole-time member Kamlesh Chandra Varshney confirmed that a search operation on a prominent financial influencer in the industry had been carried out.
Without naming Sathe directly, Varshney said that while SEBI does not usually comment on individual cases, the operation was part of its broader enforcement drive to strengthen market discipline.
SEBI was, earlier, in the process of releasing an order against the influencer. However, the regulator decided to conduct search operations against him. The inquiry will take place in a more detailed manner and Sathe's content is being examined, NDTV Profit learned.
