印度市场监管机构下令期权交易者阿瓦杜特·萨特（Avadhut Sathe）及其交易学院向课程参与者退还54.6亿卢比（约合5750万美元），此前监管机构发现，他们以股市教育为名，提供未注册的投资建议和研究服务。
India’s market regulator has ordered options trader Avadhut Sathe and his trading academy to refund 5.46 billion rupees ($57.5 million) to course participants after finding they provided unregistered investment advice and research services under the guise of stock market education.
在最终裁决中，印度证券交易所委员会（SEBI）还禁止萨特及阿瓦杜特·萨特交易学院有限公司（Avadhut Sathe Trading Academy Pvt.）至少两年内进入证券市场，并责令其支付6.787亿卢比的利息。
In its final order, the Securities and Exchange Board of India also barred Sathe and Avadhut Sathe Trading Academy Pvt. from accessing the securities market for at least two years and directed them to pay 678.7 million rupees in interest.
这份171页的裁决书是在12月的临时行动之后作出的，当时SEBI试图扣押所谓的非法所得，并限制其市场活动。监管机构发现，该学院及其创始人在实时市场交易和WhatsApp群组中，提供了特定证券的投资建议、目标价位、止损水平和交易指令。
The 171-page order follows an interim action in December, when SEBI sought to impound alleged unlawful gains and restrictions from market activities. The regulator found that the academy and its founder provided security-specific recommendations, targets, stop-loss levels and trading calls during live market sessions and through WhatsApp groups.
萨特及其学院在正常办公时间之外，未立即回复寻求置评的电子邮件和短信。他们可以对该裁决提出上诉。其学院此前已否认临时裁决中提出的指控。
Sathe and his academy did not immediately respond to emails and text messages seeking comment outside regular business hours. They can appeal the order. His academy had previously denied charges made in the interim order.
SEBI正在加强对那些以快速获利为诱饵，将散户投资者引入复杂期权交易的项目的审查。监管机构一直在打击越界成为未注册投资建议的培训课程。
SEBI is stepping up scrutiny of programs that lure retail investors into complex options trading with the promise of quick gains. The regulator has been cracking down on training courses that cross the line into unregistered investment advice.
SEBI表示，这些交易建议构成了需要向监管机构注册的投资建议和研究服务。该学院及其董事均未注册提供这些服务，尽管他们否认其课程构成投资建议或研究。
SEBI said the trading recommendations amounted to investment advice and research services that required registration with the regulator. Neither the academy nor its directors were registered to provide these services, though they denied that their courses amounted to investment advice or research.
监管机构还对该学院、萨特及其妻子古丽（Gouri）处以1.15亿卢比的罚款，古丽是该公司的一名董事。根据10月23日的裁决，她被单独禁止进入证券市场六个月。
The regulator also imposed penalties of 115 million rupees on the academy, Sathe and his wife, Gouri, a director of the company. She was separately barred from the securities market for six months, according to the Oct. 23 order.
SEBI表示，将把课程费用视为未注册活动所收取的对价，以及应予追缴的非法所得。
SEBI said it will treat the course fees as a consideration received for the unregistered activities and unlawful gains liable to disgorgement.
该命令表示，“将付款描述为课程费用，并不能使咨询或研究服务变得免费”。
“Describing the payment as a course fee does not make the advisory or research services gratuitous,” the order said.