New Delhi, Oct. 24 -- The Securities and Exchange Board of India (SEBI) took action against Indian stock markets and options trader, Avadhut Sathe, and his trading academy, for running an unregistered investment advisory and research analyst business.

The markets regulator, on Friday, directed Avadhut Sathe Trading Academy Private Limited (ASTAPL) and its founder 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.

Avadhut Sathe started trading and investment in 1991. As per his trading academy's official website, Sathe regularly conducts seminars in stock market trading since February 2008.

His academy branches are loc...