SEBI has directed Avadhut Sathe Trading Academy Private Limited and Avadhut Dinkar Sathe to disgorge and refund ₹546.17 crore connected with unregistered investment-advisory and research-analysis activities. For affected participants, the immediate practical point is that a refund order and money received are different stages.
What the final order requires
| Measure | Disclosure | Official source |
|---|---|---|
| Responsible entities | ASTAPL and Avadhut Dinkar Sathe: jointly and severally liable for the refund direction. | Official source |
| Refund/disgorgement amount | ₹546.17 crore in fees/consideration connected with the activities identified in the order. | Official source |
| Refund deadline | No later than five months from receipt of the order; not five months from this article. | Official source |
| Separate interest | ₹67.87 crore to be deposited in SEBI’s Investor Protection and Education Fund (IPEF). | Official source |
| Claim notice | Public notice with claim procedure and contact details within 30 days from receipt. | Official source |
| Payment channels | Electronic transfers or appropriate banking channels with beneficiary audit trails. | Official source |
| Status checked | Final direction issued; actual payments, claim notice and later judicial developments not verified. | Official source |
In its final order dated 23 October 2026, SEBI found that the activities examined involved unregistered advisory and research services. These are the regulator’s findings; this report does not independently determine liability or assess individual claims.
How the refund process is meant to work
Joint and several liability means the two named parties are responsible together and individually for satisfying the stated obligation. The order requires a dedicated bank account for the refund amount and traceable banking payments to beneficiaries.
The parties must publish the claim procedure and contact details in the newspapers specified by SEBI within 30 days of receiving the order. This report has not verified that publication or a working claim channel; readers should not send personal records to an unverified contact.
What is still unconfirmed
The separate ₹67.87 crore interest direction is payable to IPEF. It should not be described as an additional amount already available for each participant. The order also imposes market-access restrictions and states that it is subject to applicable judicial orders.
No individual entitlement, payment date, successful refund or subsequent court outcome is established here. Those require further official evidence, rather than an inference from the order alone.
Official records and scope
Securities and Exchange Board of India 1 · Securities and Exchange Board of India 2. These are issuer/regulator records, not two independent investigations. Latest saved source observation: .
Related CapKet coverage: SEBI’s separate Capital Stroke registration order.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.