The Securities and Exchange Board of India issued an interim order against finfluencer Avadhut Sathe on Thursday for alleged unlawful gains of over Rs 546 crore, directing that these should be impounded from him and his academy. SEBI's order also bans Sathe from the securities market until further notice and prohibits him from advertising his performance or those of his course participants.

SEBI Orders Impounding Of Rs 546-Crore 'Unlawful Gains' From Avadhut Sathe, His Academy

SEBI Issues Interim Order Against Finfluencer Avadhut Sathe

India's Securities and Exchange Board of India (SEBI) has taken a significant step in the financial market by issuing an interim order against finfluencer Avadhut Sathe.

According to the order, Sathe is accused of gaining unlawful profits of over Rs 546 crore, prompting SEBI to direct the impounding of these gains from him and his academy.

Additionally, SEBI has banned Sathe from participating in the securities market until further notice, prohibited him from advertising his performance or that of his course participants, and instructed him to remove all websites and advertisements related to his academy.

As part of the order, Sathe has been directed to refrain from collecting any fees from existing course participants.

Background of the Case

In August, SEBI conducted a search operation at Sathe's trading academy, following allegations of unlawful gains.
Sathe had previously claimed that his organization did not provide stock tips or advisory services.
In an exclusive video accessed by NDTV Profit, Sathe attempted to clarify his organization's stance, stating that they do not provide stock tips or advisory services.
He assured his students that classes would continue as per the schedule.

"Do you get any advisory service here?" Sathe asked his students during a session, to which they responded with a unanimous "no." Sathe further stated that his team was fully cooperating with the authorities and that all events were proceeding as planned.

Key Points of the SEBI Order:

Impounding of unlawful gains of over Rs 546 crore from Avadhut Sathe and his academy.
Ban on Sathe from participating in the securities market until further notice.
Prohibition on Sathe from advertising his performance or that of his course participants.
Direction to remove all websites and advertisements related to his academy.
Prohibition on Sathe from collecting any fees from existing course participants.