MUMBAI, Dec. 19 -- The Securities Appellate Tribunal (SAT) has granted ad-interim relief to Avadhut Sathe and his trading academy, allowing them to resume operations after the Securities and Exchange Board of India (Sebi) barred them from the stock market earlier this month.

On Friday, a SAT bench presided over by Justice P.S. Dinesh Kumar heard an appeal filed by Avadhut Sathe Trading Academy (ASTA), Avadhut Sathe, and his wife, Gouri Sathe. The appeal argued that there was no urgency warranting such drastic intervention by Sebi.

Ex-parte interim orders, the appellants said, are meant for situations of extreme urgency where immediate harm to investors is imminent-conditions they argued were entirely absent in this case. The freezing of...