Sebi orders Avadhut Sathe, academy to refund Rs 546 crore
Reported by Economic Times Markets, not nibnow. We are not the publisher of this story, only the source is.
Investors may recover a substantial portion of the ₹546.18 crore lost to unregistered advisory services, highlighting the scale of the fraud.
The Securities and Exchange Board of India has directed Avadhut Sathe Trading Academy to refund ₹546.18 crore to investors. Avadhut Sathe and his academy provided unregistered investment advisory services under the pretext of education. The regulator found that misleading testimonials were circulated while concealing overall trading losses. A penalty of ₹11.5 crore was imposed on Sathe and the academy for their actions.
The Securities and Exchange Board of India (SEBI) regulates India's securities markets and can order refunds and impose penalties on entities that violate investment regulations.
- •Potential appeal by Avadhut Sathe or the academy against SEBI's order
- •Further enforcement actions by SEBI against similar unregistered advisory operations
- •Updates on the timeline and process for returning the refunded amount to affected investors