“I beg you not to take the news at face value. Arshad Warsi, who is renowned for his roles in films like “Munna Bhai MBBS,” “Golmaal,” and “Ishqiya,” tweeted that Maria and I have no experience with stocks and that we took advise and bought in Sharda (Sadhna).
The Securities and Exchange Board of India (Sebi) on Thursday barred actor Arshad Warsi
In cases involving the manipulation of the share prices of two companies through the uploading of deceptive videos on YouTube channels. The Securities and Exchange Board of India (Sebi) on Thursday barred actor Arshad Warsi and 44 others. Including his wife Maria Goretti, from the securities market for a year. After an investigation into the matters under the PFUTP Rules 2003 of the SEBI Act, 1922. Sebi has ordered them to be removed from the market.
The shares of Sadhna Broadcast Ltd. and Sharpline Broadcast Ltd. are involved in these share pump-and-dump incidents. In order to entice investors, false videos were allegedly posted on YouTube channels urging viewers to purchase shares in the two companies.
The market watchdog Sebi investigated between April and September 2022. And discovered a spike in the price and volume of the two businesses’ stock between April and mid-July 2022.
Other than Arshad Warsi and his wife. Some of Sadhna Broadcast’s promoters have been prohibit from participating in the stock market due to their involvement.
According to two different interim judgements
Sebi has additionally imposed a market restriction on the firms and impounded illegal gains totaling Rs 54 crore that they made after deceptive movies were posted on YouTube channels.
Arshad Warsi made a profit of Rs 29.43 lakh in the case of Sadhna Broadcast. His wife made a profit of Rs 37.56 lakh, according to Sebi. Iqbal Hussain Warsi has also made a profit of Rs. 9.34 lakh. The capital markets regulator has designated these three and other entities as volume creators.
The Securities and Exchange Board of India (Sebi) received allegations alleging price manipulation and share unloading by certain companies in the scrip of television channel Sadhna Broadcast and New Delhi-based Sharpline Broadcast, which led to the two orders.