Avadhut Sathe innocent, Hemant ghai SEBI settlement, 100 Cr Loan Scam | Stock Market ka Tamasha Ep27

Episode 27 of Stock Market Ka Tamasha is one of those weeks where the market doesn’t just move. it entertains, exposes, and educates, all at the same time.

This episode walks through five very different stories from the world of finance, scams, SEBI orders and market theatrics and every story leaves you with a mix of disbelief, sarcasm and the constant reminder that the Indian stock market ecosystem never fails to surprise.

We begin with the return of a familiar name: Hemant Ghai, ex-CNBC Awaaz anchor and the man at the centre of one of India’s most talked-about front-running cases. Years ago, SEBI caught something unusual - the same stocks being recommended on TV were already being traded by his family before the show went live.

SEBI had asked him to return over six crore rupees earned this way, along with 12% interest and separate penalties on family members. Now, after years of legal back-and-forth, Hemant Ghai shows up again - this time through a settlement order. A payment of ₹1.45 crore closes the matter “without admitting or denying".

From there, the episode shifts into another dramatic chapter, Avadhut Sathe and the now-famous “regulatory vacuum” defence. SEBI’s order isn’t small; it’s a 546-crore disgorgement that accuses the academy of running unregistered advisory services disguised as education for years.

The SEBI Chairperson responds with a clarity that leaves no room for interpretation: if you’re giving stock tips, strategies or actionable calls without being registered, it’s a violation. The episode digs into this clash one side claiming innocence, the other side pointing to the rulebook.

Then comes the ₹100 crore loan scam, a story so absurd that it almost feels scripted. A group operating out of Delhi-NCR ran a full-blown loan racket, complete with fake approval letters, processing fee traps and new excuses every time the victim asked where the money was. The episode explains how the scam worked step by step, almost like a workshop in fraud because only when people understand the pattern do they stop falling for it.

After this, we revisit one of India’s biggest broker scandals: Karvy Stock Broking. Even today, the fallout continues. Around ₹2,300 crore has been returned to investors, mostly small-value claims, while the bigger ones are still unresolved. NSE has now extended the claim-filing deadline to March 2026. The episode explains how victims can file their claims, what documents they need, and why after all these years this saga still refuses to end.

And finally, the episode closes with SEBI’s new creation: PaRRVA, the Past Risk and Return Verification Agency. For the first time, registered advisers and analysts can legally show past performance but only after independent verification. It’s SEBI’s attempt to fix the chaos created by unregulated finfluencers, and the episode breaks down how this new system might change the advisory landscape.

Episode 27 is a ride through scams, settlements, loopholes, regulations and pure market drama exactly what Stock Market Ka Tamasha promises every week.

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Hemant Ghai SEBI settlement order: https://www.sebi.gov.in/enforcemen1t/...

Karvy claim documents can be sent to: [email protected]

More information about Karvy claim process: https://www.nseindia.com/static/compl...

SEBI Karvy claim extension circular: https://www.sebi.gov.in/media-and-not...

SEBI Paarva circular: https://www.sebi.gov.in/media-and-not...

0:00 Introduction
0:28 Hemant Ghai Settlement
2:56 Avadhut Sathe is Innocent?
4:58 Loan Fraud Busted
7:25 Karvy Scam Recovery
9:33 Advisors to show Past Performance?