New Delhi, Oct. 29 -- Markets trader Avadhut Sathe, director of Avadhut Sathe Trading Academy Private Limited (ASTAPL), will reportedly challenge the Securities and Exchange Board of India (SEBI) order against him and his academy.

The move comes days after SEBI directed Sathe and ASTA to refund Rs.546.17 crore collected from participants for providing unregistered investment advisory and research analyst services, along with interest of Rs.67.87 crore.

While the SEBI order found that ASTA had provided unregistered investment advisory and research analyst services, the academy maintained that it operated solely as a financial-market training institution.

The academy used live market data only towards the end of its courses to explain st...