Bollywood Actor Arshad Warsi, Others Banned from Securities Market 

Mumbai: Bollywood actor Arshad Warsi has been penalised by the Securities and Exchange Board of India (SEBI) on Thursday in a case related to manipulating the share prices of two companies uploading misleading videos on YouTube channels. 

Arshad Warsi, his wife Maria Goretti are among the 31 individuals who were banned from buying, selling or dealing in securities for manipulating shares of Sadhna Broadcast by uploading misleading videos on YouTube.

According to the Capital markets regulator SEBI the promoters of Sadhna Broadcast, and Arshad Warsi, along with Manish Mishra, the creator of youtube channels ‘Moneywise’ and ‘The Advisor’ recommended investors to buy the company shares, inflating its price and later dumped it. 

The first video claimed that the Adani group will take over Sadhna Broadcast Ltd and after the acquisition, the company’s margin will improve and the other video said the company is moving from TV production to movie production. In this video, the accused claimed that an American investor has signed a contract of Rs 1,100 crore with Sadhna and they were planning to produce four devotional movies.

Besides the market ban, the SEBI has impounded illegal gains accrued to the tune of Rs 54 crore by the accused entities through misleading YouTube videos. 

Also Read: Telangana Govt Files Writ Petition In Supreme Court Seeking Governor’s Approval For 10 Pending Bills