The Securities and Exchange Board of India (SEBI) has barred 31 entities, including actor Arshad Warsi, his wife Maria Goretti and promoters of Sadhna Broadcast from the market. The move is related to misleading videos on YouTube channels luring investors to buy the TV channel’s shares.
Sadhna’s promoters have also been restrained from the market. The regulator has impounded illegal gains of £4.19 million made after the videos were uploaded. Sebi noted that Warsi made gains of Rs 29,40,000, while his wife profited by Rs 37,60,000.
The order came after Sebi received complaints that alleged there was price manipulation and offloading of shares (also known as pump and dump) by certain entities in the Sadhna scrip. The regulator then found a spurt in the price and volume of Sadhna scrip between April and mid-July 2022. Subsequent to the release of the videos, there was an increase in the price and trading volume of the Sadhna scrip.