SEBI's final order on Avadhut Sathe Trading Academy: what it says

On 23 October 2026, SEBI passed a final order in the matter of Avadhut Sathe Trading Academy Private Limited. This page sets out what the order itself says: who it names, what SEBI found, and what it directs. Every finding below is SEBI's, as written in the order.

Published 2 November 2026 · Potoos Research Services

Who the order names

The order (reference QJA/MN/MIRSD/MIRSD-SEC-1/32790/2026-27), signed by N. Murugan, Quasi Judicial Authority, names three “Noticees”:

• Noticee No. 1: Avadhut Sathe Trading Academy Private Limited
• Noticee No. 2: Avadhut Dinkar Sathe
• Noticee No. 3: Gouri Avadhut Sathe

How the case began, according to the order

• The order says an examination by SEBI of activities during FY 2023-24 led to an Administrative Warning dated 1 March 2024, cautioning against misrepresentation and selective disclosures.
• The order says SEBI appointed an Investigating Authority on 24 July 2025, and the investigation covered the period from 1 July 2017 to 9 October 2025.
• The order says SEBI passed an Interim Order cum Show Cause Notice dated 4 December 2025 against the three Noticees.

What SEBI's order says it found

Education and advice. SEBI's order says that during the examined sessions, Noticee No. 2 “identified specific securities, forecasting short term/long term price movement, executing live market trades, setting real-time alerts and providing prescriptive targets, support levels or resistances.” It concludes that “the overall educational nomenclature of the program cannot mask, alter or dilute the independent legal status of these specific communications.”

Registration. The order records that none of the Noticees is registered with SEBI as an Investment Adviser, a Research Analyst or any other intermediary, and finds that the activities were in violation of Section 12(1) of the SEBI Act read with Regulation 3(1) of the Investment Advisers and Research Analysts Regulations.

Fraud provisions. The order finds that the academy and Avadhut Dinkar Sathe also violated Sections 12A(a), (b) and (c) of the SEBI Act and provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.

Gouri Avadhut Sathe. The order says she was not found to have provided advisory or research services or to have devised the arrangement. It holds her liable for the company's contraventions during her directorship under Section 27 of the SEBI Act, and does not extend the refund direction to her.

The amount. The order says the academy and Avadhut Dinkar Sathe collected ₹6,01,37,96,917 from course participants since inception, and that the amount attributable to the courses for which direct evidence is available, which forms the basis of the refund direction, is ₹546.17 crore.

What the order directs

1. Stop

   All three Noticees must cease and desist from offering unregistered investment advisory and research analyst services, and must not use live or historical data which provides future directional movement for a specified security.

2. Refund ₹546.17 crore

   The academy and Avadhut Dinkar Sathe must, jointly and severally, disgorge and refund ₹546.17 crore collected from investors and participants, within five months from receiving the order, through a dedicated bank account. They must also deposit interest of ₹67.87 crore in SEBI's Investor Protection and Education Fund (IPEF).

3. Publish how to claim

   Within 30 days of receiving the order, the two must issue a public notice in all editions of two national newspapers (one English, one Hindi) and in one local vernacular newspaper, explaining how to claim a refund and whom to contact. Refunds must be paid only by electronic transfer or other banking channels with an audit trail.

4. Stay out of the market

   The academy and Avadhut Dinkar Sathe are debarred from the securities market for two years from the date of the order, or until they comply with the refund direction, whichever is later. Gouri Avadhut Sathe is debarred for 6 months from the date of the order.

5. Assets and bank accounts

   The two may not sell their assets except to make the refunds, and their bank accounts stay frozen for debits until the full amount is deposited. Any refundable amount left over goes to SEBI, to be kept in escrow for one year for distribution to clients, complainants and investors, and then to the IPEF.

Penalties in the order

The order gives 45 days from receipt of the order to pay the penalties. It says the order comes into force with immediate effect and is subject to judicial orders, as applicable.

What this means for an ordinary investor or trader

The order draws a line that matters to anyone paying for a course. SEBI's order says that naming a programme “education” did not change what was being delivered when specific securities, price targets and live trades were shared. The order treats those communications as investment advice or research recommendations, and finds that providing them without SEBI registration violated the law.

So before you pay anyone who shares specific stock calls, inside a course, a webinar or a WhatsApp group, ask for their SEBI registration number and check it yourself on SEBI's register of Research Analysts. A Research Analyst's number begins with INH. Our guide shows the clicks: how to check a research analyst's SEBI registration. If you are deciding between learning to trade and subscribing to research, see learning trading versus subscribing to research.

Source

• SEBI final order dated 23 October 2026 in the matter of Avadhut Sathe Trading Academy Private Limited: sebi.gov.in order page and PDF (171 pages)

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