The markets regulator, Securities and Exchange Board of India (SEBI), on Thursday barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 others from the securities markets.
The ban spans from one to five years.
SEBI imposed a fine of ₹5 lakh each on Arshad Warsi and Maria Goretti.
The action followed a SEBI investigation into misleading videos on YouTube that advised viewers to buy shares of Sadhana Broadcast.
SEBI found that Arshad Warsi made a profit of ₹41.70 lakh, while his wife earned ₹50.35 lakh.
According to SEBI’s order, Arshad Warsi admitted in his statement recorded on 27 June 2023 that he traded not only through his own account but also through the accounts of his wife and brother.
SEBI noted that Aahuti Mistry acted as Warsi’s manager.
SEBI also levied penalties between ₹5 lakh and ₹5 crore on 57 other entities. These include promoters of Sadhana Broadcast, now renamed Crystal Business System Ltd.
SEBI directed them to return unlawful profits of ₹58.01 crore. They must also pay 12% interest per annum from the end of the investigation period until full payment.
SEBI identified Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra as the masterminds behind the scheme.
Subhash Aggarwal, director of the RTA of Sadhana Broadcast, acted as an intermediary between Manish Mishra and the company’s promoters.
SEBI received complaints alleging price manipulation and offloading of shares in the scrip of SBL.
The complaints claimed that YouTube videos with false content were used to lure investors. A paid campaign costing crores helped amplify the videos.
Complainants also submitted links, channel names, and upload dates.
During the SEBI investigation, officials found that net sellers of SBL shares were linked to the creators of these misleading YouTube videos.
The content promoted false claims and unrealistic target prices to induce public investment.
SEBI conducted search and seizure operations at 15 locations. They gathered documents, electronic evidence, and recorded statements under oath from several accused parties.
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