New Delhi, Jan. 22 -- The Securities Appellate Tribunal (SAT) on Thursday scaled back the market regulator's order against Avadhut Sathe and his trading academy, but allowed its investigation to continue.

The tribunal directed Avadhut Sathe Trading Academy (ASTA) to deposit Rs.100 crore into a fixed account, instead of the Rs.546 crore demanded by the Securities and Exchange Board of India (Sebi) in its December order.

A bench, comprising presiding officer Justice P.S. Dinesh Kumar and technical member Meera Swarup, held that Sebi had made out a prima facie case that ASTA and its promoters may have violated Sebi's Investment Advisers and Research Analysts regulations. The tribunal, however, put forth a lower deposit ask, coupled with re...