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

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.
Sathe has been directed to not collect any fee from existing course participants, and remove all websites and advertisements related to his academy.
Earlier in August, SEBI had conducted a search operation at Sathe's trading academy. The finfluencer had claimed that his group did not provide stock tips or advisory services.
In a video exclusively accessed by NDTV Profit back in August, Sathe attempted to clarify his organisation's stance to his students and claimed that his group does not provide stock tips or advisory services.
Sathe had further mentioned that his classes will continue as per the schedule. The video was circulated by him on the WhatsApp groups he has with his academy students.
"Do you get any advisory service here?" Sathe asked students during a session in the video, to receive a unanimous "no." Sathe had further said that his team is "fully cooperating with the authorities" and added that "all our events are going as per plan."