Edited By: Mohammad Haris
Last Updated: March 03, 2023, 16:46 IST
Arshad Warsi says he took advice and invested in Sadhna Broadcast, and like many others, loss all his hard earned money.
Sebi has barred actor Arshad Warsi and 44 others, including his wife Maria Goretti, from the securities market for one year in stock manipulation via YouTube case
Actor Arshad Warsi, who has been barred from the securities market for one year by markets regulator Sebi, said he and his wife Maria Goretti has no knowledge about stocks. He also said he took advice and invested in Sadhna Broadcast, and like many others, loss all his hard earned money.
“Please do not 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 other, lost all our hard earned money,” Arshad Warsi, who is known for acting in movies like ‘Munna Bhai MBBS’, ‘Golmaal’ and Ishqiya, said in a tweet.
On Thursday, Sebi barred actor Arshad Warsi and 44 others, including his wife Maria Goretti, from the securities market for one year, in cases related to manipulating the share prices of two companies through uploading misleading videos on YouTube channels. Sebi has barred them from market through its order after a probe in the matters under the PFUTP Regulations 2003 of the SEBI Act, 1922.
These share pump-and-dump cases are related to 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, to lure investors.
After the complaints, markets regulator Sebi conducted an examination during April-September 2022 and found out the spurt in the price and volume of scrip of the two companies between April and mid-July 2022.
Apart from Arshad Warsi and his wife, some of the promoters of Sadhna Broadcast have been restrained from the securities market for their involvement.
In addition to market ban, Sebi has impounded illegal gains to the tune of Rs 54 crore made by the entities after misleading videos were uploaded on YouTube channels, according to two separate interim orders.
In the case of Sadhna Broadcast, Sebi noted that Arshad Warsi has made a profit of Rs 29.43 lakh and his wife has earned profit of Rs 37.56 lakh. Also, Iqbal Hussain Warsi has gained 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 wherein it was alleged that there was price manipulation and offloading of shares by certain entities in the scrip of television channel Sadhna Broadcast and New Delhi-based Sharpline Broadcast.
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