Thursday, February 29, 2024

SEBI Bans Actor Arshad Warsi And Others ON Trading In Securities Market…

SEBI Update: SEBI, the regulator of the stock market, has banned trading in the stock market by using YouTube channels to manipulate the prices of shares, in which Bollywood actor Arshad Warsi and his wife Maria Goretti ) are also included. SEBI had received complaints of rigging in the prices of shares of some companies. SEBI has taken this decision after investigating the matter.

In its order on Thursday, Sebi has banned 31 entities, including Arshad Warsi, his wife Maria Goretti and promoters of Sadhna Broadcast, from trading in the stock market. These people used to upload misleading videos on YouTube channel advising investors to buy shares of certain companies. This ban has been imposed on the promoters of the company Shreya Gupta, Gautam Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media.

SEBI has also imposed a fine of Rs 41.85 lakh for illegally making profit by uploading misleading videos on YouTube channels. SEBI said that Arshad Warsi made a profit of Rs 29.43 lakh, while his wife made a profit of Rs 37.56 lakh.

SEBI had received a complaint that the share price of Sadhna Broadcast was being rigged. By offloading the shares, its price is being affected. It was said in the complaint that efforts are being made to lure investors by uploading misleading YouTube videos on the basis of wrong information. After receiving this complaint, between April and September 2022, SEBI started investigating this complaint. And found that between April to July 2022, the share price and volume of Sadhna Broadcast is tremendous.

According to SEBI, in the second fortnight of July 2022, false and misleading videos about Sadhna Broadcast were uploaded on two YouTube channels, The Advisor and Moneywise. In these videos, investors were advised to buy shares of Sadhna to make huge profits. After the release of these videos, a tremendous jump was seen in the share price and volume. Impressed by the video uploaded on YouTube, a large number of retail investors invested in the shares of this company.

Meanwhile, from the promoters of Sadhna to the people associated with the management of the company, they made profits by selling shares at inflated prices. The confusion was also spread in the YouTube video that Adani Group is going to buy Sadhna Broadcast and after this deal there will be a tremendous increase in the profits of the company.

It was said in the YouTube video that apart from TV production, the company is going to make films and an agreement has been signed with an American corporation to make a religious film for Rs 1100 crore. The American company will invest to make the film and the rights of the film will remain with Sadhna.

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