SEBI has conducted a search and seizure operation at finfluencer Avadhut Sathe's academy in Maharashtra’s Karjat, Moneycontrol exclusively reported. Sathe had been under the market regulator's scanner for months. SEBI noted the action was aimed at sending a signal that it was intensifying enforcement against market influencers who misguide retail traders under the garb of education. (Image source: Avadhut Sathe website - left).
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At 6:30 am on August 20, officials led by a SEBI deputy general manager knocked on the doors of trader and market influencer Avadhut Sathe, who has been under the regulator’s scanner for months. The search and seizure operation — described by a person familiar as 'long planned and meticulously prepared' — began early Wednesday morning (August 20) and stretched until Thursday evening.
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SEBI whole-time member Kamlesh Chandra Varshney later confirmed at a FICCI-CAPAM event that the regulator had conducted "a big search operation on a big name in this industry." Without naming Sathe, Varshney said, "If you are misguiding the youth in the name of education, promising guaranteed returns, giving calls in the classroom, using live data to trade… you cannot do that without Sebi registration. The idea is to create fear in the market that there is a regulator which is watching you." (Image source: Avadhut Sathe website)
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Avadhut Sathe is a finfluencer, dabbling in the markets since 1991. He grew up in a modest chawl in Dadar, central Mumbai, before moving to Mulund in the northern suburbs. With an engineering degree, he was able to begin his career on a strong footing. After spending time working in the US, Singapore, and Australia he decided to return to India. After finding success in investing and trading, he decided to quit his job to train students full-time from 2008.
Established in 2008 with one location, today, the Avadhut Sathe Training Academy (ASTA) has 17 branches across the nation, from Mumbai, Delhi, and Bengaluru to smaller cities such as Bhubaneshwar, Kochi, and Nagpur. Online classes are also taught for students from international locations such as the UAE and the United States; courses are offered in a variety of languages, English, Hindi, Tamil, Marathi and Telugu. (Image source: Avadhut Sathe Trading Academy Facebook)
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In 2023, Sathe went viral. He was recorded dancing in a large hall in his Pune academy, in front of a screen flashing with live tickers. Netizens joked about the unusual method of teaching, but the students present joined in on the celebration. The training academy has developed a dedicated social media following over the years. Its YouTube presence boasts of nearly one million subscribers, while its Instagram following count clocks in at 2,37,000 accounts. Students were found through ads, personal testimonials and relentless social media campaigns. The first introductory courses were free to pique their interest. (Image source: Avadhut Sathe Trading Academy Facebook)
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Sathe’s credibility was waning even before the SEBI crackdown. Finfluencers and analysts had shunned him from their circle of legitimacy, instead grouping him with the likes of Asmita Patel and PR Sundar, both criticized for aggressive self-promotion and questionable market practices. In 2023, Ritesh Gulrajani, a SEBI Registered Investment Advisor (RIA), had informally reported Sathe. An investigating officer visited his house during a routine check-up, following which, Gulrajani flagged Sathe’s flagrant videos, stating that “people like Avadhut Sathe are making a mockery of the system.”
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The Karjat search and seizure operation, which ran for two full days, is part of a broader Sebi crackdown on finfluencers. The regulator has been tightening rules on market educators and social media personalities who promise quick profits or lure investors without a license. Officials hope the high-profile action will deter others in the space.
