Bollywood / Bollywood Actor Arshad Warsi Banned on stock market over youtube scam

Zoom News : Mar 02, 2023, 07:11 PM
Actor Arshad Warsi Banned: The Securities Exchange Board of India (SEBI) on Thursday banned 45 entities, including actor Arshad Warsi, his wife Maria Goretti and promoters of Sadhna Broadcast, from trading in the stock market. The regulator has taken this step in the matter of posting misleading videos on YouTube channel suggesting investors to buy shares of the company.

This case is related to posting misleading videos on YouTube channel. In these videos Sadhna Broadcast Ltd. and Sharpline Broadcast Ltd. It was advised to buy shares of Apart from the Warsi couple, SEBI has also barred some of the promoters of Sadhna Broadcast from trading in the securities market.

Apart from this, the regulator has also ordered forfeiture of Rs 54 crore of illegal profit made to these units after posting misleading videos on YouTube channel in two interim orders. In the case of Sadhna Broadcast, SEBI said that Arshad Warsi made a profit of Rs 29.43 lakh, while his wife made a profit of Rs 37.56 lakh. Apart from this, Iqbal Hussain Warsi also wrongly earned a profit of Rs 9.34 lakh.

SEBI had received these complaints

SEBI had received such complaints that the value of shares of TV channel Sadhna Broadcast and Sharpline Broadcast of Delhi is being rigged by some entities. Apart from this, these units are also withdrawing shares of the company. The complaint alleged that these videos with misleading content were uploaded on YouTube to 'lure' investors.

Thereafter, the regulator examined the matter during April-September, 2022. Investigation revealed the fact that during April to July 2022, there was a huge jump in the value and quantity of the shares of both the companies. During the second fortnight of July, 2022, false and misleading videos about Sadhna were uploaded on two YouTube channels - 'The Advisor' and 'Moneywise'.

Similar videos about Sharpline were uploaded on two YouTube channels Midcap Calls and ProfitYatra in the second fortnight of May. After these videos, there was a huge jump in the share price and quantity of both the companies. During this period some of the promoter shareholders, key management positions and non-promoter shareholders sold the shares at higher prices and made profits. A misleading video even claimed that Sadhna Broadcast would be acquired by the Adani Group.

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