SEBI orders Avadhut Sathe and his trading academy to refund about Rs 546 crore to course participants within five months
In a final order dated 23 October 2026, SEBI directed Avadhut Sathe Trading Academy and Avadhut Sathe to refund about Rs 546 crore collected from participants, per press reports. Newspaper notices are due within 30 days.
The Securities and Exchange Board of India (SEBI), the market regulator, has ordered Avadhut Sathe Trading Academy Pvt Ltd and its founder Avadhut Sathe to refund about Rs 546 crore that the academy collected from participants in its paid programmes. According to press reports of a final order dated 23 October 2026, the refund must be completed within five months, and the academy must publish newspaper notices within 30 days explaining how participants can claim it. We could not open the order itself, so the figures below are as reported.
A refund order of this kind is meant to return money to the people who paid for the programmes. The reports say the order refers to “participants”, but they do not define who qualifies or give a cut-off date.
What SEBI found, as reported
Reports say SEBI found that the academy gave investment advice and research analyst services without being registered with SEBI, through paid programmes and WhatsApp groups, under the guise of stock market education. A research analyst is a person who publishes research or recommendations on securities and must be registered with SEBI. Reports also say SEBI found misleading testimonials and promotions, and that the practices continued after a SEBI administrative warning dated 1 March 2024.
The directions, as reported
- Refund: about Rs 546 crore (reported as Rs 546.17 crore and as Rs 546.18 crore), payable jointly by the academy and Sathe, within five months.
- Notices: the academy must publish newspaper notices within 30 days explaining the claim process.
- Interest: Rs 67.87 crore, calculated at 12% a year from 10 October 2025 to the date of the order, is to be deposited into SEBI’s Investor Protection and Education Fund (a fund held by SEBI for investor education and protection). The 12% rate and start date are from The420.in.
- Penalties: Rs 11.5 crore in total: Rs 6 crore on the academy, Rs 4 crore on Avadhut Sathe and Rs 1.5 crore on director Gouri Avadhut Sathe.
- Market bans: the academy and Avadhut Sathe are barred from the securities market for two years, or until the refund is completed, whichever is later, according to several reports (one report words it as two years, remaining in place until the refund obligations are met). Gouri Avadhut Sathe is barred for six months.
- Bank accounts: reports say debits from their bank and demat accounts remain restricted until the amounts are deposited.
Background
SEBI had earlier issued an interim order, dated 5 December 2025, in the same matter. Reports say the academy had collected about Rs 601 crore since it began, and that Rs 546 crore of this was identified for refund. The reports do not say whether the academy has appealed the final order.
Basis of these figures
All figures are from press reports of the final order: The420.in and Indian Opinion, with the headline amount also carried by Business Standard. The SEBI order itself was not available to us. This article reports the order and does not comment on the academy’s courses or on any security.