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Cracking down on an illegal finfluencer, the Securities and Exchange Board of India (SEBI) has impounded Rs 546.16 crore, representing the total unlawful gains allegedly earned by Avadhut Sathe Trading Academy Pvt Ltd (ASTAPL) and Avadhut Sathe through unregistered investment advisory and research analyst activities.
They offered unregistered investment advisory and research analyst services under the guise of stock market education while using live market trading data during sessions, according to an order issued by SEBI Whole-time Director Kamlesh Chandra Varshney. Finfluencers, or financial influencers, are individuals who create content on money-related topics across social media platforms such as YouTube, Instagram, X and Telegram.
The regulator has also restrained them from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities until further notice, as per the order.
The company had collected Rs 601.37 crore for the period between July 25, 2015 and October 9, 2025 as fees for all the courses they provided. Out of these funds, SEBI has found evidence of unregistered activity in respect of eight courses which were offered to the public from January 1, 2020 to October 9, 2025. The amount attributable to these eight courses is Rs 546.16 crore, it said.
The regulator’s investigation revealed that funds were collected in the accounts of ASTAPL and Sathe. While Gouri Avadhut Sathe was involved in day-to-day affairs of the company, she was not found providing any investment advisory or research analyst services. It was primarily Sathe who played a major role in devising a scheme wherein course participants were lured to trade in specific stocks.
The order said that buy or sell recommendations of specific securities were provided by Sathe for a consideration in the pretext of imparting education.
Duping investors through courses
“An examination conducted by the SEBI regarding activities of ASTAPL and Avadhut Sathe during FY23-24 revealed that they were publishing selective profitable trades of course participants/investors and claiming that his course participants/investors consistently earn through trading, and that the trainers at ASTAPL and Sathe are experts in the stock market,” said the order.
However, SEBI analysis showed that all such trainers and participants were in net losses. An administrative warning was issued to ASTAPL and Sathe on March 1, 2024, cautioning them against misrepresentation and selective disclosures.
Despite the warning, they continued to publish misleading videos. “SEBI received a few complaints against them from complainants who had subscribed to various programmes offered by them alleging that despite the extraordinary returns promised in the programmes, many course participants/investors incurred substantial losses. The recording of the session, along with other relevant documents, provided to SEBI were examined,” it said.
The securities watchdog said that Sathe had collected substantial amounts of fees from unsuspecting investors. In addition, they were found to be disseminating misleading information and advertisements on social media, aimed at inducing investors by portraying unrealistic returns from stock market activities.
ASTAPL and Sathe have significant presence over social media platforms, SEBI said, adding that there is a likely chance that being influenced by the social media presence and followership, gullible investors may continue to fall prey to their activities.
