SAT Rejects Avadhut Sathe Academy Plea To Withdraw ₹2.25 Crore Monthly Till SEBI Probe Ends

The Securities Appellate Tribunal (SAT) has recently refused to allow Avadhut Sathe Trading Academy Private Limited, the trading institute run by financial influencer Avadhut Sathe, to withdraw Rs. 2.25 crore monthly for operational expenses.

The withdrawal was sought till the conclusion of SEBI's enquiry. The Tribunal said the company's appeal had already been disposed of an refused to grant any relief.

A bench of Presiding Officer Justice P.S. Dinesh Kumar and Technical Member Meera Swarup rejected the plea. The tribunal held that once the appeal had been finally decided, the interim order had merged with the final order. Granting the relief sought would amount to reviewing its judgment.

"The appellants have prayed for withdrawal of ₹2.25 Crores monthly till the final disposal of enquiry before SEBI. If the said prayed is granted, it amounts to reviewing our final order."

SEBI had issued an ex parte interim order-cum-show cause notice on December 4, 2025 against the company and its directors, directing them to deposit ₹546.16 crore for providing unregustered investment advisory services. The company challenged that order before the Tribunal.

When the appeal was admitted on December 19, 2025, the Tribunal granted limited ad-interim relief. It permitted the company to draw Rs.2.25 crore for that month's expenditure pending consideration of the interim prayer.

The appeal was finally disposed of on January 22, 2026. The Tribunal partly allowed it and reduced SEBI's deposit direction from Rs. 546.16 crore to Rs. 100 crore. The final order did not extend the earlier interim withdrawal permission.

After the appeal stood concluded, the company filed a miscellaneous application on February 5, 2026 seeking continuation of the interim relief so as to permit withdrawal of Rs. 2.25 crore monthly towards salaries, electricity bills and legal expenses. The tribuanl refused to grant any relief as the interim order stood merged in the final order.

The bench also noted that the company had not complied with its earlier direction to file an affidavit disclosing its assets. Holding the application not maintainable, the Tribunal dismissed it without costs.

For Appellants: Advocates Abhinav Chandrachud, Vikram Chavan, Sejal Todkar and Shivani Bhatia

For Respondent: Senior Advocate Chetan Kapadia, Advocates Suraj Choudhary, Nidhi Singh, Komal Shah, Nidhi Faganiya and Nishin Shrikhande