India’s market regulator has ordered options trader Avadhut Sathe and his trading academy to refund 5.46 billion rupees ($57.5 million) to course participants after finding they provided unregistered investment advice and research services under the guise of stock market education.
In its final order, the Securities and Exchange Board of India also barred Sathe and Avadhut Sathe Trading Academy Pvt. from accessing the securities market for at least two years and directed them to pay 678.7 million rupees in interest.
