New Delhi, Oct. 23 -- The Securities and Exchange Board of India (Sebi) has imposed penalties totalling Rs.11.5 crore on Avadhut Sathe Trading Academy Pvt. Ltd (ASTAPL) and its directors, and barred them from accessing the securities markets for periods of up to two years for providing unregistered investment advisory and research analyst activities.

In a final order issued on Friday, the market regulator directed ASTAPL and its founder Avadhut Dinkar Sathe to disgorge and refund Rs.546.17 crore to eligible investors and participants who paid for its unregistered services. It has also ordered a deposit of Rs.67.87 crore in interest with Sebi's Investor Protection and Education Fund.

Sebi imposed a penalty of Rs.6 crore on ASTAPL, Rs.4 c...