New Delhi, Dec. 17 -- India's capital market regulator on 4 December barred finfluencer Avadhut Sathe and his eponymous trading academy from dealing in securities and ordered the impounding of allegedly illegal gains worth Rs.546.16 crore earned prima facie by providing unregistered investment advisory services.

The action followed complaints from participants of Avadhut Sathe Trading Academy (ASTA) that they had incurred substantial losses despite the academy's promises of "extraordinary returns".

In its interim order, Sebi said its investigation found that several claims made in ASTA's advertisements were misleading.

Sebi noted that the academy was providing investment advice without being registered, in violation of securities laws,...