SAT to hear Avadhut Sathe on January 9

Securities Appellate Tribunal (SAT) will hear Avadhut Sathe, who allegedly functioned as an unregistered investment advisor through stock market trading classes, on January 9 2026, said Justice PS Dinesh Kumar.

The decision was taken as December 19 was the last working day for the tribunal in 2025

Senior Counsel Janak Dwarakdas appearing for Avadhut Sathe, sought a stay over orders that sought to transfer ₹546 crore of “unlawful gains” to Securities and Exchange Board of India (SEBI) and to freeze all debits except the payment of the penalty. The appellants pleaded that monthly expenditure amounting to ₹5.25 crore had to 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 was spent on advertising and marketing expenses.

SAT ordered that SEBI respond to the petition in six weeks and the rejoinder to that, be submitted in three weeks.

Spokespersons of Mr.Sathe said that they had “full faith in the judiciary” and “are optimistic” that all their prayers will be heard in the next hearing.

SEBI had barred financial advisor 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 used live market data, promised exaggerated profitability and provided investment advice through whatsapp groups to his participants, SEBI found 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 except to transfer the penalty and advertisements of unregistered investment advisory removed from public domain including the website, further allowing them to carry out educational activities subject to Securities Law.