Edited by: Muhammad Harris
Last updated: March 03, 2023, 4:46 PM IST
Arshad Warsi says he took advice and invested in Sadhna Broadcast, and like many others lost all his hard earned money.
Sebi has banned actor Arshad Warsi and 44 others, including his wife Maria Goretti, from the stock market for a year over stock manipulation over YouTube case
Actor Arshad Warsi, who has been banned from the securities market for a year by market regulator Sebi, said he and his wife Maria Goretti have no knowledge of stocks. He also said that he took advice and invested in Sadhna Broadcast, and like many others, lost all his hard-earned money.
“Please don’t believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda (Sadhna), and like many others lost all our hard earned money,” Arshad Warsi, who is known for acting in films like ‘Munna Bhai MBBS,'” Golmaal’ and Ishqiya, said in a tweet.
On Thursday, Sebi banned actor Arshad Warsi and 44 others, including his wife Maria Goretti, from the stock market for a year over charges related to manipulating the share prices of two companies through the uploading of deceptive videos to YouTube. channels. Sebi banned them from the market through its order following an investigation into the cases under the 2003 PFUTP regulations of the SEBI Act of 1922.
These pump-and-dump cases involve the shares of two companies – Sadhna Broadcast Ltd and Sharpline Broadcast Ltd. According to complaints, misleading videos were uploaded on YouTube channels recommending investors to buy the shares of the two companies, in order to lure investors.
Following the complaints, market regulator Sebi conducted an investigation in April-September 2022 and found the sharp increase in the price and volume of the two companies’ scrip between April and mid-July 2022.
Apart from Arshad Warsi and his wife, some of the promoters of Sadhna Broadcast have been banned from the securities market due to their involvement.
In addition to the market ban, according to two separate interim orders, Sebi seized illegal profits amounting to Rs 54 crore made by the entities after deceptive videos were uploaded on YouTube channels.
In the case of Sadhna Broadcast, Sebi noted that Arshad Warsi has made a profit of Rs 29.43 lakh and his wife has made a profit of Rs 37.56 lakh. Also, Iqbal Hussain Warsi has won Rs 9.34 lakh. These three, among others, have been classified as volume creators by the capital markets regulator.
The two orders came after the Securities and Exchange Board of India (Sebi) received certain complaints alleging price manipulation and share unloading by certain entities in the scrip of New Delhi-based TV channel Sadhna Broadcast and Sharpline Broadcast.
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