Business News Desk,The Securities and Exchange Board of India (Sebi) on Thursday barred 31 entities, including actor Arshad Warsi, his wife Maria Goretti and promoters of Sadhna Broadcast, from trading in the securities market. The regulator has taken this step in the matter of posting misleading videos on YouTube channel advising investors to buy shares of the company.
Arshad Warsi’s wife got benefit of 37.56 lakhs
Besides this, the regulator has also ordered forfeiture of illegal profit of Rs 41.85 crore made to these entities after posting the misleading video on the YouTube channel. Sebi said Arshad Warsi made a profit of Rs 29.43 lakh in this case, while his wife made a profit of Rs 37.56 lakh.
The complaint alleged that these videos containing misleading content were uploaded on YouTube to ‘lure’ investors. Thereafter, the regulator took up the investigation of the matter during April-September, 2022. The investigation revealed the fact that during April to July 2022, there was a huge jump in the value and volume of shares of Sadhna. False and misleading videos about Sadhna were uploaded on two YouTube channels – ‘The Advisor’ and ‘Moneywise’ during the second fortnight of July 2022. Sadhna’s share price and volume skyrocketed after these videos. During this period some of the promoter shareholders, key management positions of Sadhna and non-promoter shareholders sold the shares at higher prices and made profits.