Penny stocks scam: Sebi raids Pune finfluencer Avadhut Sathe with 9 lakh YouTube subscribers
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The Securities and Exchange Board of India (Sebi) has raided the Karjat-based trading academy of Avadhut Sathe, a Pune finfluencer with more than nine lakh YouTube subscribers, as part of a widening crackdown on unregistered market educators, according to reports. ETNow, citing sources, said Sebi officials conducted a search-and-seizure operation on August 20 at Sathe’s Avadhut Sathe Trading Academy (ASTA), seizing digital devices and trading data. The regulator’s action followed complaints that penny stocks were being promoted during his training sessions, allegedly presented as classroom examples while encouraging students to invest. A long-prepared raid According to reports, Sebi’s raid at the Karjat academy was led by a deputy general manager and had been long in preparation. The regulator has in recent months intensified its scrutiny of unregistered finfluencers and trading coaches, many of whom promote courses that hint at assured r...