Arshad Warsi along with his wife Maria Goretti is among 45 individuals and companies banned by the Securities and Exchange Board of India (SEBI) from participating in the securities market. After facing a lot of backlash on social media, the actor issued a clarification over the same and urged people to 'not believe everything you read.'
The actor, YouTuber Manish Mishra and promoters of Sadhna Broadcast - Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media were banned from the securities market in a case related to uploading misleading videos on YouTube channels recommending investors to buy the company's shares. According to the interim order, Arshad Warsi made a profit of Rs 29.43 lakh, Maria Goretti earned a profit of Rs 37.56 lakh.
However, Arshad took to Twitter and mentioned that he and his wife lack knowledge of the stock market. "Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many others, lost all our hardearned money," he tweeted.
The investigation began after SEBI received complaints alleging that certain entities were engaging in price manipulation and offloading shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd.
What's the SEBI case?
SEBI found that certain individuals uploaded false and misleading videos recommending investors buy shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd for extraordinary profits. In addition to Arshad Warsi and Maria Goretti, some promoters of Sadhna Broadcast Ltd have also been restrained from participating in the securities market.
Along with the ban, SEBI has impounded illegal gains worth Rs 54 crore made by the entities after misleading videos were uploaded on YouTube channels. Two separate interim orders detail the investigation's findings.
According to the interim order, Arshad Warsi made a profit of Rs 29.43 lakh, Maria Goretti earned a profit of Rs 37.56 lakh, and Iqbal Hussain Warsi made a gain of Rs 9.34 lakh. These three individuals, among others, have been classified as volume creators by SEBI.
The investigation began after SEBI received complaints alleging that certain entities were engaging in price manipulation and offloading shares of Sadhna Broadcast Ltd. and Sharpline Broadcast Ltd. The complaints alleged that misleading videos with false content about the two companies were uploaded to lure investors.
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