Avadhut Sathe had a simple, potent promise: the transformation of ordinary retail traders into multi-millionaires. Driving this narrative was Avadhut Sathe Trading Academy (ASTA), a vast, multi-layered training ecosystem, conducting regular ‘Mahasatsang’ events, with the audacious goal of helping “one lakh professional ASTAians cross the ₹1 crore milestone by 2031.”
Late on Thursday, the stock market regulator barred Sathe and his firm from dealing in securities for allegedly acting as an unregistered investment adviser and making illegal gains of ₹546 crore, its biggest clampdown on a finfluencer to date. The Securities and Exchange Board of India’s interim order strikes at the heart of one of India’s most prominent stock market training ecosystems.
Sebi’s ex-parte order said ASTA functioned less like a training institute and more like an advisory engine offering real-time trade cues, inflated claims of student success, and a tightly structured network that often encouraged students to mimic Sathe’s own positions.
The empire
Sathe, who began trading in 1991 according to ASTA’s website, launched the academy in 2015 after a stint as partner at Sadhan Advisors, which is now defunct. It grew into a multi-layered training ecosystem with around 12 trainers and an “unmatched network” of more than 600 leaders and monitors across India and overseas. More than 200 ASTA Satsang Centres hosted regular meetings for discussions, practice sessions, and monthly ‘Mahasatsang’ events where students gathered.
Its online footprint was equally expansive. ASTA amassed 215,000 Instagram followers, while its YouTube channel attracted 933,000 subscribers and carried more than 600 videos, many of them showcasing dramatic personal transformations.
One of Sathe’s most widely circulated claims involved a participant who, he said, began with ₹1.8 lakh and crossed ₹1 crore in just one and a half years. In another viral clip from a 2023 Pune session, Sathe was seen dancing in front of a trading screen as students cheered.
Despite his reach, Sathe distanced himself from the finfluencer identity. In a YouTube short, he dismissed finfluencers as “reel traders”. “You cannot learn swimming or driving by watching a video,” he said. “Training helps you develop skills. A coach is required. ASTA is different from finfluencers because it teaches in a structured manner…making the journey faster, smoother and much enjoyable.”
The evidence
The market watchdog paints a starkly different picture. A search operation at ASTA’s training centre and at the residences of Sathe and his wife during 20-21 August revealed the academy was running live trading rooms where participants received direct guidance on specific stocks.
Recordings showed Sathe giving buy-and-sell cues, resistance levels, stop-loss points, trading strategies and expected intraday movements.
The regulator found several instances of stock-specific guidance. In a live session on 10 February, Sathe shared his screen and analysed a trade on IDFC Bank, discussing stop-loss levels and advising on when students could enter on a bounce. “Now, do I have a weapon? Yes, and because of that, I can say it won’t go above this level…Now, you have to enter around this area and see what happens. And this will be your target,” he said.
Students appeared to follow his cues instantly. “Sir, all of us have taken the position. I initiated it the moment I heard you,” a participant said in another session, according to Sebi. In a 2023 WhatsApp message, Sathe wrote: “Power Grid likely to make All time high. PFC great entry near 160…SL (stop loss) clear now…this may also do ATH (all-time high)”.
The academy also frequently showcased students who it claimed had made large profits in short periods. In one session, Sathe introduced a homemaker who he said earned ₹1 crore in 2.5 years trading Bank Nifty Options. Sebi said she had made only ₹4.17 lakh in that period. Similar discrepancies were flagged in other cases.
The regulator reviewed the trading outcomes of mentorship participants for six months after completing the programme, which cost ₹6.75 lakh. Of 311 individuals in the last two batches, Sebi matched PAN details for 186; these traders collectively recorded losses of ₹1.93 crore. ASTA itself posted a loss of ₹1.89 crore, while Sathe booked losses of ₹4.31 crore across FY24-25 and FY25-26.
The defence
ASTA has denied wrongdoing. In a statement, the company said: “All interactions, references, and examples used in our sessions are presented purely for educational and conceptual clarity. They are contextual in nature and are not to be construed as advisory or recommendation of any kind. We therefore believe the regulations cited in the order do not apply to our activities.”
It also rejected the finfluencer label, saying it does not “monetize any of our YouTube or Social media channels such as Instagram / Telegram etc.”
“We will take all necessary steps to protect our legal rights. The order will be challenged in the appropriate forum and we have full faith in the legal and judicial framework,” said an ASTA spokesperson.
