SEBI fraud case: SAT denies Avadhut Sathe's plea for funds
Avadhut Sathe and his entities, including ASTA Gurukul, were denied by the Securities Appellate Tribunal (SAT) on their plea to access ₹2.25 crore each month from accounts that SEBI froze last year.
The tribunal said the case was already settled back in January 2026, so there's no room for extra relief now.
SEBI froze Sathe's accounts in December 2025
SEBI froze Sathe's accounts in December 2025, claiming ₹546 crore in alleged illegal earnings from an unregistered investment advisory.
SAT directed the appellants to deposit ₹100 crore as a fixed deposit with a lien in favor of SEBI, after accounting for amounts such as income tax/GST, CSR donations and contributions to government funds, and issued additional directions including filing an affidavit disclosing full details of assets with valuation certificates, an undertaking not to alienate fixed assets and timelines for replies.
The final decision by SAT
Sathe's lawyer argued they needed funds for academy expenses and planned to challenge things in the Supreme Court.
But SEBI pushed back, pointing out missing asset disclosures and other legal issues.
In the end, SAT wasn't convinced and dismissed their request without any extra costs tacked on.