The Securities Appellate Tribunal (SAT) will hear Avadhut Sathe, who allegedly functioned as an unregistered investment advisor conducting stock market trading classes, on January 9, 2026, said Justice P.S. Dinesh Kumar.
The decision was taken as December 19 was the last working day for the tribunal in 2025.
The advisors were also allowed to resume educational activities subject to the securities law.
Senior counsel Janak Dwarakdas, appearing for Avadhut Sathe, sought a stay on orders that sought to transfer ₹546 crore of “unlawful gains” to the Securities and Exchange Board of India (SEBI) and to freeze all bidet except the payment of the penalty. The appellants pleaded that monthly expenditure amounting to ₹5.25 crore had to be paid and hence the bank accounts of the appellants be defreezed to that extent.
However, Justice Kumar allowed defreezing of the bank account just to the amount of ₹2.25 crore, as the rest had been spent on advertising and marketing expenses.
SAT ordered that SEBI respond to the petition in six weeks and a rejoinder to that be submitted in three weeks.
Spokespersons for Mr. Sathe said that they had full faith in the judiciary and were optimistic that all their prayers would be heard in the next hearing.
SEBI had barred financial advisors Avadhut Sathe and Gouri Avadhut Sathe for providing financial advice on market investment without registration, using live market data, according to an interim order published on December 4, 2025.
Mr. Sathe, who ran the Avadhut Sathe Trading Academy, had used live market data, promised exaggerated profitability, and provided investment advice through WhatsApp groups to his participants, SEBI said in the interim order.
The unlawful gains from such activities amounted to ₹546 crore which the market regulator had ordered that the Mr. Sathe deposit as penalty. SEBI’s findings were based on investigations between July 2017 and October 2025 , besides a search and seize operation conducted on Mr. Sathe’s premises on August 20 and 21, 2025.
Mr. Sathe’s bank account was frozen, allowing him only to transfer the penalty amount, and advertisements of unregistered investment advisory were removed from public domain, including the website.
Published – December 19, 2025 07:34 pm IST
