Bollywood actor Arshad Warsi and his wife Maria Goretti among several others have been banned by SEBI (Securities and Exchange Board of India).
As per the reports from Indian news agencies, SEBI (Securities and Exchange Board of India) banned at least 45 individuals, including the Bollywood celeb and his wife and former VJ, from participating in the securities market following a complaint on manipulation of share prices.
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Reportedly, the SEBI took the decision after an investigation into the case of share price manipulation by two YouTube channels, ‘The Advisor’ and ‘Moneywise’ – owned by influencer Manish Mishra – who used celebrities to recommend stocks of two companies to retail investors.
Quoting the market regulator, the publications reported, “The videos shared false and misleading information about Sharpline Broadcast and Sadhna Broadcast, encouraging investors to buy their shares.”
Moreover, the investigation revealed these channels had millions of subscribers and their videos, with the paid marketing campaign, were viewed by innumerable users.
Those entities involved in the price manipulation made profits by selling their own shares while the prices were high and reportedly gained illegal profits of nearly INR540 million.
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According to details, Arshad Warsi made a profit of INR2.9 million while his wife, Goretti earned a profit of INR3.7 million.
Warsi broke the silence on the matter and tweeted, “Maria and my knowledge about stocks is zero, took advice and invested, and lost all our hard earned money.”
Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many other, lost all our hard earned money.
— Arshad Warsi (@ArshadWarsi) March 2, 2023
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