SEBI Seizes ₹53.67 Crore from Asmita Patel Global School of Trading

In what appears to be the start of a major crackdown on unauthorized investment advisories operating under the guise of educational institutions, the market regulator SEBI has seized ₹53.67 crore in earnings from the well-known stock market training institute, Asmita Patel Global School of Trading Pvt Ltd, along with five associated entities.

This institution offers several widely recognized paid programs, including Let’s Make India Trade (LMIT), Master’s in Price Action Trading (MPAT), and Options Multiplier (OM). SEBI initiated its investigation following complaints from 42 participants enrolled in these courses.

Additionally, SEBI has issued a notice asking these entities to justify why an additional ₹104.6 crore—collected as course fees—should not be confiscated as well.

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In its interim order, the Securities and Exchange Board of India (SEBI) directed the school, along with Asmita Jitesh Patel and Jitesh Jethalal Patel, to cease providing unregistered investment advisory and research analyst services. Furthermore, all six accused parties have been barred from accessing the securities market.

The order also required the involved entities to explain why further regulatory actions should not be taken against them, including the recovery of ₹104.62 crore (along with interest). SEBI clarified that this sum not only comprises fees from LMIT, MPAT, and OM courses but also includes earnings from other training programs run by Asmita Patel Global School of Trading, which were allegedly used to offer unregistered investment advisory and research analyst services.

Kamlesh Varshney, SEBI’s Whole-Time Member, stated in the order that the inquiry revealed a scheme orchestrated by Asmita Patel Global School of Trading, Asmita Jitesh Patel, and Jitesh Jethalal Patel. According to SEBI, participants were encouraged to trade in specific stocks and were advised to open trading accounts with a particular firm. 

Recommendations for buying and selling securities were shared via Telegram channels managed by the school. SEBI asserted that these actions clearly demonstrated the provision of investment advisory and research analyst services under the pretense of education.

The order further highlighted how course fees were funneled through entities such as King Traders (owned by Sagar Dhanjibhai), Gemini Enterprise (operated by Suresh Parmashivam), and United Enterprises (managed by Jigar Rameshbhai Dawada). SEBI noted that this was not an isolated incident but a recurring practice. Consequently, all six entities have been held jointly and severally responsible for the impounding of ₹53.67 crore, derived from course fees linked to LMIT, MPAT, and OM programs.