Avadhut Sathe Training Academy has rejected the accusations made by the Securities and Exchange Board of India (Sebi), insisting that it is not involved in any form of investment advisory activity and operates strictly as an educational institution. The rebuttal comes after Sebi issued an interim order restraining Avadhut Sathe and linked entities from accessing the securities market and directing the impounding of what it described as “alleged illegal gains.”
According to Sebi, the academy and its founder were effectively running an unregistered investment advisory service under the guise of training programmes, collecting large sums of money from the public while offering market-related guidance that required regulatory registration. The order also directed the retention of ₹546 crore, which the regulator referred to as "quantified alleged illegal gains," noting that allowing the activities to continue posed a risk of “irreparable injury to the interests of investors.”
In its statement, the academy denied every allegation and said the regulator had misunderstood the nature of its business model. It argued that the organisation provides education and training in financial markets, not personalised investment recommendations, portfolio management or guidance on specific securities. The statement said instructors do not offer stock tips or strategies, and participants are responsible for their own trading decisions.
The academy also said that the money collected over time represented course fees, not investment-linked payments. Describing itself as “a victim of a regulatory vacuum,” it claimed that India lacks clear guidelines for financial training institutions and maintained that it has always been tax compliant. It added that Sebi’s interim order had created unnecessary anxiety among its students and supporters, and warned that actions of this nature risk discouraging financial literacy efforts.
Avadhut Sathe Training Academy has indicated that it will challenge the order through legal channels and expressed confidence that the final outcome will clear its name. Sebi’s investigation remains ongoing, and the academy will be allowed to present its defence during subsequent proceedings before a final ruling is issued.
