The academy plans to appeal SEBI’s final order, advocate Vijay Sardana told Moneycontrol on Oct. 28, arguing that the rules do not clearly define educational activities. Sardana represented the academy in SEBI hearings.
The Securities and Exchange Board of India (SEBI) found that the academy and founder Avadhut Dinkar Sathe provided unregistered investment advice and research through paid programs, sessions and WhatsApp groups. Its Oct. 23 order directs the academy and Sathe to place ₹546.17 crore in a designated bank account within five months of receiving the order and deposit ₹67.87 crore in interest with its Investor Protection and Education Fund.
SEBI also imposed penalties totaling ₹11.5 crore and barred the academy and Sathe from securities markets for two years or until they comply with the refund direction, whichever is later. Director Gouri Avadhut Sathe received a ₹1.5 crore penalty and a six-month market ban. Within 30 days of receiving the order, the academy and Sathe must publish refund instructions in English and Hindi national newspapers and a local-language newspaper. EconoTimes previously covered the refund and market-access order.
Sardana told Moneycontrol that instructors used live market data near the end of courses, with demonstrations taking about 3% to 4% of total program hours. He said the courses taught technical analysis, decision-making and risk management. SEBI’s order found that the academy’s paid programs and communications included activity requiring registration.
A SEBI circular issued May 8 set a 30-day delay for sharing and using market-price data for educational purposes, with a one-day exception for the National Institute of Securities Markets’ simulation lab. The circular specifies how recent price data may be for teaching. SEBI’s October decision separately applied registration requirements to the academy’s paid sessions and communications.
The academy had also challenged a SEBI interim order dated Dec. 4, 2025. On Jan. 22, 2026, SAT partly allowed that appeal, reducing a required deposit to ₹100 crore while leaving the parties’ arguments open. That case concerned the interim order; Moneycontrol’s reported appeal plan concerns the final order dated Oct. 23.
