Sebi chief rejects Sathe’s claims of regulatory vacuum

The Securities and Exchange Board of India (Sebi) chairman rejected claim of “regulatory vacuum” by Avadhut Sathe Trading Academy (ASTA) after the firm was barred from the securities market on Thursday.

- Apoorva Ajith [e-mail]

“There is no regulatory vacuum, there is a lack of understanding because the regulations are clear that you cannot give stock tip advice,” said Sebi chair Tuhin Kanta Pandey at a National Stock Exchange (NSE) event. Pandey’s remarks came a few days after the regulator issued its strongest clampdown yet on a finfluencer. Late on Thursday, Sebi barred Avadhut Sathe and his firm ASTA from dealing in securities for allegedly acting as unregistered investment advisers and making illegal gains of ₹546 crore.