₹600 cr Teaching Trading, ₹6 cr Lost Doing It: The Curious Case of Avadhut Sathe

He promised to create one lakh crorepatis by 2031. Instead, Avadhut Sathe and his trading academy lost over ₹6 crore, and now face SEBI's biggest crackdown on a finfluencer yet, with ₹546 crore in alleged illegal gains impounded.

The rise of a trading evangelist

Avadhut Sathe began his market journey in 1991, according to his academy's website. After a stint as partner at the now defunct Sadhan Advisors, he launched Avadhut Sathe Trading Academy (ASTA) in 2015. His pitch was rooted in transformation: ordinary retail traders could become “professional ASTAians,” equipped to build multi crore portfolios. His audacious goal, to help “one lakh professional ASTAians cross the ₹1 crore milestone by 2031,” drew thousands into ASTA's orbit.

ASTA's footprint was sprawling. With more than 200 Satsang Centres and over 600 leaders and monitors across India and overseas, the academy built a community infrastructure resembling a mass movement rather than a coaching business. Monthly “Mahasatsang” events showcased dramatic success stories, featuring homemakers, young professionals, and job seekers allegedly turning modest capital into crores. Online, ASTA amassed 933,000 YouTube subscribers and over 215,000 Instagram followers.

SEBI's findings

SEBI's interim order describes a structure that functioned less like a training institute and more like an advisory engine, where participants allegedly received real time trade instructions. The regulator said live sessions involved stock specific recommendations, entry exit guidance, stop loss levels, price targets, and commentary that directly influenced trading behaviour.

Recordings cited by SEBI included Sathe analysing IDFC Bank, identifying a bounce entry point and a target, while participants confirmed immediate positions. “Sir, all of us have taken the position,” one said. In another instance, Sathe messaged about Power Grid and PFC heading for all time highs, naming entry levels and stop losses.

According to the order, ASTA collected approximately ₹601 crore from around 4.1 lakh people over several years through paid courses and mentorships, some priced up to ₹6.75 lakh. SEBI said the mentorship programme encouraged participants to mimic Sathe's own trading activity, effectively turning ASTA into an unregistered advisory platform in violation of securities laws.

More striking were the financial outcomes. SEBI reviewed PAN linked records for 186 participants from the last two batches and found that 65 percent recorded losses within six months, totalling ₹1.93 crore. The academy itself posted trading losses of ₹1.89 crore across FY24 and FY25, while Sathe personally lost ₹4.31 crore during the same period, together surpassing ₹6 crore.

SEBI stated the academy inflated profit claims, often spotlighting participants who allegedly earned crores, even when records showed modest or negative outcomes. In one cited case, a homemaker presented as a ₹1 crore success had actually made only ₹4.17 lakh.

The order followed a prior warning issued in March 2024. SEBI said the misleading activities continued until December 2025, prompting an ex parte ban and the impounding of ₹546.16 crore in what the regulator called “unlawful gains.”

The defence

ASTA has denied any wrongdoing, stating that it operates strictly as a training and education provider. In a detailed response, the academy said it had “never earned any unlawful gains from investment advisory or research analyst services.” It described itself as a “victim of regulatory vacuum,” arguing that its role had been mischaracterized due to the absence of clear guidelines for financial training institutes.

ASTA insisted it does not issue stock recommendations, investment advice, or execute trades on behalf of its students. All charts, examples, and trading discussions, it said, were purely for “educational and conceptual clarity,” not actionable advice. The firm rejected the finfluencer label and stated that none of its social media platforms are monetized.

“The order will be challenged, and we have full faith in the legal and judicial framework,” an ASTA spokesperson said.