Avadhut Sathe Training Academy has denied the allegations made by Sebi in its interim order, calling itself a victim of a regulatory gap and asserting that it does not offer investment advice in any form.

The market regulator had barred Avadhut Sathe and entities linked to him from the securities market and directed the impounidng of funds that it has described as “alleged illegal gains”.

Sebi’s interim order said the academy and its founder were running an unregistered investment advisory service under the guise of training programmes and had collected large sums of money from the public.

The regulator also directed the retention of Rs 546 crore, which it called “quantified alleged illegal gains”, stating that non-interference at this stage would cause “irreparable injury to the int

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