Mumbai: SEBI has taken major action against 31 people including actor Arshad Warsi, his wife and brother in the case of stock manipulation. The Securities and Exchange Board of India (SEBI) has taken major action against 31 people, including actor Arshad Warsi and his wife, in connection with manipulation of shares in two companies Sadhna Broadcast and Sharpline Broadcast. SEBI has banned them for one year. So they will not be able to do any kind of trading for the whole year.
Arshad Warsi, his wife Maria, brother Iqbal Warsi and 31 other entities artificially inflated the share price of Sadhna Broadcast and later sold these shares. All of them earned a profit of about Rs 41.90 crore from this. Arshad Warsi got a profit of 29 lakhs and his wife got 38 lakhs. SEBI alleged that YouTube videos on channels named ‘The Advisor’ and ‘Moneywise’ were used to recommend shares of Sadhna Broadcast. Action has been taken in this matter.
SEBI had received a complaint that the share price of Sadhna Broadcast was being rigged. Videos were being posted on YouTube to mislead investors. When the share price rose, the accused was making profit by selling the shares. SEBI had investigated the matter between April and September last year. From April to July 2022, it was learned that there was a big jump in the share price of Sadhna Broadcast. In the second fortnight of July 2022, false and misleading videos about ‘Sadhana Broadcast’ were uploaded on two YouTube channels ‘The Advisor’ and ‘Moneywise’. It was only after these videos went viral that the share price and number of ‘Sadhana’ increased.
Arshad Warsi has given clarification in this regard. He said that I have zero knowledge of the stock market.
