In an interim order, SEBI directed Sathe and his company, Avadhut Sathe Trading Academy Private Limited (ASTAPL), to return Rs 546.16 crore, which the regulator described as unlawful gains.
The action comes after a search and seizure operation at Sathe’s Karjat residence and training academy in August.
The operation was carried out following allegations that Sathe was giving stock-specific recommendations under the cover of investor education.
SEBI said the move followed careful planning, court permissions and surveillance.
Sathe’s personal journey has often been highlighted as a rise from humble beginnings. He grew up in a Dadar chawl, earned an engineering degree and later worked in IT roles abroad in Singapore, Australia and the US.
He began trading in 1991 and returned to India in 2007 to focus on trading and training full-time.
In 2008, he set up the Avadhut Sathe Training Academy (ASTA), which eventually expanded to 17 centres across the country.
His courses combined technical analysis, trading psychology, yoga and motivational sessions, attracting thousands of students.
His online presence, including a YouTube channel with nearly a million subscribers, played a major role in his popularity.
According to his website, a three-month residential course at his academy costs between Rs 21,000 and Rs 1.7 lakh.
In 2023, he went viral after a video of him dancing during a live trading session spread widely on social media.
SEBI said its investigation found that Sathe and ASTAPL collected Rs 601.37 crore from more than 3.37 lakh investors.
The regulator said Sathe offered actionable stock tips, trade levels and specific recommendations, even though neither he nor his company was registered as an investment adviser or research analyst.
SEBI said these activities went far beyond normal educational training and directly influenced investors to trade in certain stocks.
It also alleged that the academy showcased only profitable trades in its promotions, creating a misleading picture of success.
The regulator said it needed to act urgently due to the scale of operations and the risk of further harm to investors.
Its order also bans Sathe from using live market data, offering any advisory services, or promoting trading results until the final order is issued.
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