Suryaa Business Desk: Surya Financial & Markets Bureau, Mumbai: Awadhoot Sathe Trading Academy Pvt Ltd is acting against the rules in the name of training in stock market... Surya Financial & Markets Bureau, Mumbai: The market regulator SEBI has taken serious action against Avadhoot Sathe Trading Academy Private Limited (ASTAPL) and its founder Avadhoot Dinkar Sathe for violating the rules in the name of training in the stock market. Convinced that they have misled the public by conducting investment advisory and research analyst activities without registration, SEBI has imposed a fine of Rs. A huge fine of 11.5 crores was imposed. Besides, collected through unauthorized services Rs. 546.17 crore has been issued sensational orders to refund to the victims. Details of Penalties – Market Prohibition: According to the final order issued by SEBI, Academy (ASTAPL) has been fined Rs.
6 crores, founder Avadhoot Sathe Rs. 4 crores, another director Gauri Avadhoot Sathe Rs. A fine of 1.5 crores was imposed. Apart from this, Sebi banned Avadhoot Sathe and the academy for two years and director Gauri Sathe for six months from carrying out any transactions in the capital markets. From the company Rs. 67.87 crores interest has been directed to be deposited in the Sebi Investor Protection and Education Fund (IPEF). Within five months Rs.
546 crore refund to be completed: Collected on behalf of trading courses Rs. 546.17 crore fees to be refunded to eligible investors within a period of 5 months, SEBI has clarified. Advertisements have been ordered in leading dailies within 30 days to create awareness among the clients about the refund process. It has given instructions to stop cash withdrawals (debit transactions) from their bank accounts until this amount is paid. Sebi has taken this strict action after an investigation revealed that clients were made to suffer losses through misleading campaigns despite earlier warnings.
