Sebi orders Avadhut Sathe, academy to refund Rs 546 crore

What happened: Sebi ordered Avadhut Sathe and his academy to refund Rs 546.18 crore, ruling that their training sessions and WhatsApp groups provided securities-specific recommendations that required registration as investment advisory and research analyst services. Key numbers: Refund of Rs 546.18 crore within five months. Why it matters: Sebi said the activities went beyond stock market education and that misleading testimonials continued despite an administrative warning issued on March 1, 2024.

Sebi ordered Avadhut Sathe and his academy to refund Rs 546.18 crore, ruling that their training sessions and WhatsApp groups provided securities-specific recommendations that required registration as investment advisory and research analyst services.

Sebi said the activities went beyond stock market education and that misleading testimonials continued despite an administrative warning issued on March 1, 2024.