SEBI’s 23 October final order directs Avadhut Sathe Trading Academy Private Limited and Avadhut Dinkar Sathe to return ₹546.17 crore collected through the activities examined in the proceeding. SEBI found that the academy provided unregistered investment-advisory and research-analyst services and used misleading promotional material. The operative directions distinguish investor repayments, interest payable to SEBI’s Investor Protection and Education Fund, and monetary penalties.[1]
Three amounts with different recipients and liabilities
| Amount | Liability | Destination or purpose |
|---|---|---|
| ₹546.17 crore | Academy and founder, jointly and severally | Principal refunds through a dedicated bank accountSource 1 |
| ₹67.87 crore | Academy and founder, jointly and severally | Interest payable to SEBI’s IPEFSource 1 |
| ₹6 crore | Academy | Monetary penaltySource 1 |
| ₹4 crore | Avadhut Sathe | Monetary penaltySource 1 |
| ₹1.5 crore | Gouri Sathe | Monetary penaltySource 1 |
The order’s treatment of Gouri Sathe does not extend the principal disgorgement liability to her. Combining the three noticees into one undifferentiated liability statement would therefore misstate the decision. The penalties total ₹11.5 crore and are additional to the other amounts.[1]
The clock starts are material
Directions and time limits
| Requirement | Clock |
|---|---|
| Public refund-claim notices | Within 30 days of receipt of the orderSource 1 |
| Principal refund direction | Five months from receipt of the orderSource 1 |
| Monetary penalties | Within 45 days of receipt of the orderSource 1 |
| Certified completion report | Within 30 days of completing refundsSource 1 |
| Academy and founder market restriction | Two years from the order, or compliance with the refund-and-interest direction in paragraph 537.2, whichever is laterSource 1 |
| Gouri Sathe market restriction | Six months from the orderSource 1 |
Unclaimed refundable money is to be placed with SEBI in escrow for one year, with any remaining balance subsequently transferred to IPEF. The order also specifies auditable repayment and reporting arrangements. These are directed processes, not evidence that recipients have already been paid.[1]
A fixed calendar deadline cannot safely be calculated from the publication date where the order uses receipt as the trigger. Equally, describing the whole financial consequence as a fine would conceal the much larger restitution obligation. This report describes the regulator’s final order; it does not assert that compliance has occurred or establish the outcome of any later challenge.
Sources & further reading
- Order in the matter of Avadhut Sathe Trading Academy Private Limited — 171-page final order Securities and Exchange Board of India · 23 Oct 2026 · Accessed 27 Oct 2026
- Official order landing page Securities and Exchange Board of India · 23 Oct 2026 · Accessed 27 Oct 2026