SEBI has issued an ex-parte interim order-cum-show cause notice against Avadhut Sathe Trading Academy Pvt. Ltd. (ASTAPL), its founder Avadhut Dinkar Sathe and director Gouri Avadhut Sathe, alleging that the academy carried out unregistered investment advisory and research analyst activities while presenting them as stock market education. The 125-page order, passed by Whole Time Member Kamlesh C. Varshney, follows a detailed examination for FY24 and subsequent search-and-seizure operations conducted at the noticees’ premises on August 20–21, 2025.

In the order, the regulator stated that despite an Administrative Warning issued in March 2024 for misrepresentation and selective disclosures, the academy continued to publish misleading promotional content showcasing only successful trades of

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