Avadhut Sathe To Refund ₹546 Crore to Students | Final SEBI Order, Fake Finfluencers

On 23 October 2026, SEBI passed its final order in the Avadhut Sathe matter. Avadhut Sathe and Avadhut Sathe Trading Academy Pvt Ltd must refund ₹546.17 crore to the people who paid for their courses. What SEBI ordered ₹546.17 crore refund to investors and course participants, to be deposited within 5 months ₹67.87 crore interest to SEBI’s Investor Protection and Education Fund ₹11.5 crore penalty: ₹6 crore on the company, ₹4 crore on Avadhut Sathe, ₹1.5 crore on Gouri Sathe Market ban of 2 years for Avadhut Sathe and the company, and 6 months for Gouri Sathe The academy collected ₹601.37 crore from July 2015 to October 2025. The refund covers the full fees of the 8 programmes where SEBI had direct evidence, including GEO, Mentorship, Eye Opener and the paid VOW WhatsApp group. How to claim? Keep your fee receipts, invoices and payment records ready. Within 30 days of receiving the order, Sathe must publish a public notice in national and regional newspapers with the claim process and a contact person. Refunds will be paid only by bank transfer. We will share the notice here when it is out. The sequence 1 March 2024: SEBI warning against misleading promotions 20-21 August 2025: Search and seizure at ASTA Gurukul, Karjat 4 December 2025: Interim order 22 January 2026: SAT finds a prima facie case 23 October 2026: Final order What SEBI found? In paid sessions and in the ₹500 Eye Opener, stocks were named with entry levels, stop losses and targets. In one Eye Opener with mostly first-time participants: “This is a stock I intend to buy tomorrow.” Orders were placed live in class. Paid WhatsApp groups carried messages like “Looks like time to cover Gold and silver.” SEBI held that naming a stock with a view on its movement is advice, even inside a class, and that a disclaimer or saying “I will buy” does not change that. One testimonial tagged “Validated by verified P&L” claimed ₹1.8 lakh had become ₹45 lakh. Exchange records showed a loss of ₹5,58,444. Violations held: investment advice and research analyst services without SEBI registration, and fraudulent and unfair trade practices, including misleading promotions and mis-selling. Our role in this case? After the raid, students who had paid for Sathe’s programmes reached out to us with fee receipts and chats from the paid groups. On 2 September 2025, we wrote to SEBI flagging the violations we found in his public live sessions. We helped several students file their complaints with proofs, and others filed on their own. SEBI’s final order holds these violations. Based on SEBI’s and SAT’s public orders. For awareness only, not investment advice. SEBI Order on Avadhut Sathe: https://www.sebi.gov.in/enforcement/o... Have you been scammed? File Complaint here - https://aseemjuneja.in/ Check Stock Pathshala for LIVE classes and Webinars now: https://www.stockpathshala.com/ Google Play: https://play.google.com/store/apps/de... Chapters 0:00 - Introduction 2:42 - Sathe's Business 4:31 - Warning to Raid 6:36 - Tips in Classes 8:52 - Students Reach Us 11:05 - Fake Testimonials 13:20 - Penalty and Ban