New Delhi: The Securities Appellate Tribunal has granted an interim relief to Avadhut Sathe Training Academy (ASTA), permitting it to continue operations, according to a company statement on Friday. Interim orders are passed in early stages of hearing till a final verdict is passed by any judicial or quasi judicial authority.
Earlier this month, Sebi barred financial influencer Avadhut Sathe and his firm Avadhut Sathe Trading Academy from the securities market and directed them to disgorge Rs 546 crore of 'unlawful gain' earned from the alleged unregistered investment advisory and research analyst business. Avadhut Sathe Trading Academy is operated by financial influencer Avadhut Sathe.
"Based on the proceedings today (Friday), the honourable Tribunal has passed an ad-interim order permitting ASTA to continue the operations," the academy said in a statement. The academy further stated that "We have full faith in the judiciary and are optimistic that in the next hearing, all our prayers will be accepted. We are confident, justice shall prevail. We stay committed to our student community, nurturing an ecosystem of educated, skilled traders & investors."
According to the interim order, it was primarily Avadhut Sathe (AS) who played a major role in devising a scheme, wherein course participants were lured to trade in specific stocks. Recommendations for buy/sell of specific securities were provided by AS for a consideration in the pretext of imparting education.
"It is clear that none of noticees (ASTA and AS) are registered with Sebi as investment advisor or research analyst. However, despite being not registered, noticees have been providing investment advisory and research analyst services under the guise of their stock market training programs to a large number of investors," Sebi said.
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