- MUMBAI — Markets regulator the 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 for periods ranging from 1-5 years.
-
- The regulator imposed a fine of INR 5 lakh each on Warsi
and his wife, Maria. The decision came in a case related to misleading videos
on YouTube channels recommending investors to buy shares of Sadhana Broadcast.
-
- SEBI found that Arshad Warsi had made a profit of INR
41.70 lakh and his wife earned a profit of INR 50.35 lakh.
-
- “It is noted that Arshad Hussain Warsi in his statement
recorded before SEBI on June 27, 2023, stated that apart from placing trades in
his own account, he was also trading from the accounts of his wife (Noticee 61)
and brother (Noticee 62). It is further noted from the submissions of Noticee
60 that Aahuti Mistry acted as the manager of Arshad Warsi,” according to the
SEBI order.
-
- SEBI also levied penalties in the range of INR 5 lakh to
INR 5 crore on 57 other entities, including promoters of Sadhana Broadcast (now
Crystal Business System Ltd). Apart from the debarment, SEBI also directed
these entities to disgorge total unlawful gains of INR 58.01 crore along with
12% interest per annum from the end of the investigation period till the date
of actual payment.
-
- The capital markets regulator said the masterminds behind
this whole operation were Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra.
Also read: Actor Dino Morea grilled by Mumbai cops in INR 65 crore Mithi River desilting scam
- Subhash Aggarwal, who also happened to be a director of
the RTA of Sadhana Broadcast Ltd, acted as the go between Manish Mishra and the
promoters, the order stated.
-
- SEBI received complaints, alleging that there was price
manipulation and subsequent offloading of shares in the scrip of SBL.
