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SEBI orders Avadhut Sathe Trading Academy to refund ₹546 crore
SEBI orders Avadhut Sathe Trading Academy to refund ₹546 crore for running an unregistered investment advisory business.
The Securities and Exchange Board of India ordered Avadhut Sathe Trading Academy Private Limited and its founder to refund ₹546.17 crore plus ₹67.87 crore interest on Friday. SEBI imposed a total penalty of ₹11.5 crore on the academy, Avadhut Sathe, and Gouri Avadhut Sathe for violating securities market regulations. The regulator barred the entities from the securities market for two years for providing unregistered investment advice via WhatsApp and paid programmes.
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SEBI orders Avadhut Sathe Trading Academy to refund ₹546 crore
SEBI has ordered Avadhut Sathe and the Avadhut Sathe Trading Academy Pvt Ltd to refund ₹546.17 crore collected from clients. The regulator also mandated an interest payment of ₹67.87 crore and imposed penalties totaling ₹11.5 crore. This action follows findings that the entity provided investment advice and research services without the required registration. The regulator has directed that all refunds be completed within five months.