Mumbai: Markets Regulator The Securities and Exchange Board of India (SEBI) on Thursday stopped Bollywood actor Arshad Warsi, his wife Maria Goreti, and 57 others from 1-5 years to 57 others from securities markets.
The regulator imposed a fine of Rs 5 lakh on Warsi and his wife, Maria. The decision came in a case related to the misleading video on YouTube channels, recommending investors to buy shares of sadhana broadcasting.
SEBI found that Arshad Warsi made a profit of Rs 41.70 lakh and his wife made a profit of Rs 50.35 lakh.
“It is noted that in his statement recorded before SEBI on June 27, 2023, Arshad Hussain Warsi said that apart from placing trades in his own account, he was also trading with his wife (notice 61) and brother (notice 62) accounts.
SEBI also imposed a penalty in a limit of Rs 5 lakh to Rs 5 crore on 57 other institutions, including promoters of Sadhana Broadcast (now Crystal Business System Limited). In addition to debrament, SEBI also directed these institutions to disintegrate a total illegal profit of Rs 58.01 crore per year with 12% interest per year from the end of the investigation period.
The capital markets regulator said that the mastermind was Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra behind this entire operation.
Subhash Aggarwal, who was also the director of the RTA of Sadhana Broadcasting Limited, served as going to Manish Mishra and promoters, stated in the order.
SEBI received complaints, alleging that SBL scrips had manipulation of shares and later ups and downs.
Complaints also stated that YouTube video was being uploaded with false content to woo investors and the video was paid crores to reach wide audiences. The complainant also gave links to YouTube videos, names of YouTube channels and uploading videos.
SEBI investigated the complaints and Prima Facial found that Net vendors in SBL shares were associated with the manufacturer of YouTube channels, which was uploaded with the intention of influencing and motivating public investors to invest in the scrips with false content and unrealistic target value for scrips.
According to the market regulator, “Search and seizure operations were conducted in the premises of 15 notices, in which various documentaries and electronic evidences were collected and the statements of various notices were recorded at the oath.”