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The distinction between Investment Education and regulated Investment Advice lies in the activity's impact rather than its label: education imparts conceptual understanding, while advice influences specific execution. SEBI regulations mandate registration for anyone providing advice or research for consideration, whereas "pure education" must exclude specific recommendations, performance claims, and the use of live market data to predict prices. To remain compliant, educators generally must utilize data with a three-month lag, ensuring they do not analyze current market trends to prompt trades. Recent SEBI orders against entities like Avadhut Sathe Trading Academy highlight that substance prevails over form; using "educational purpose" disclaimers offers no protection if the content involves live chart analysis, specific stock discussions, or misleading profit testimonials. Ultimately, if communication uses live data to direct investment decisions on identifiable securities, it crosses into regulated territory.
INTRODUCTION
The Indian securities market has witnessed a rapid expansion of stock market educators, trading academies and financial influencers offering structured learning programmes to retail participants. With increased access to technology, li
