India, Dec. 5 -- SEBI has passed an ex-parte interim order-cum-show cause notice against Avadhut Sathe Trading Academy Pvt. Ltd. (ASTAPL), its founder Avadhut Dinkar Sathe and director Gouri Avadhut Sathe, alleging that the academy carried out large-scale unregistered investment advisory and research analyst activities while marketing its services as stock market education.

The 125-page order, issued by Whole Time Member Kamlesh C. Varshney after a detailed FY24 investigation and an August 2025 search-and-seizure operation, states that despite a prior warning issued in March 2024, the academy continued publishing misleading promotional content showcasing only profitable trades. Several participants alleged that the courses promised extra...