Arshad Warsi reacts to the reports of SEBI banning him from the Stock Market for a YouTube scheme

Recently, reports of Arshad Warsi and wife Maria Goretti getting banned by SEBI from the stock market did rounds. However, the actor took to his social media to clarify those reports and present his side.

Arshad Warsi reacts to the reports of being banned by SEBI

As the reports gathered more steam, Arshad took to Twitter to present his side of the story. He asked the people to not believe the reports, claiming all that is written is not true. He tweeted, “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 (sic).”

Check out Arshad’s tweet here:

The case of SEBI banning Arshad and Maria

According to reports, SEBI took the decision to ban Arshad and Maria from the securities market for one year. It is done in relation to the cases of manipulating the share prices of two companies through uploading misleading videos on YouTube channels. The decision was taken after a probe under the PFUTP Regulations 2003 of the SEBI Act, 1992.

The two companies involved in this ‘YouTube pump-and-dump’ case are Sadhna Broadcast Ltd and Sharpline Broadcast Ltd. According to the complaints filed, there were misleading videos uploaded on the online platform. They were to lure investors in the company and buy its shares.

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A post shared by Arshad Warsi (@arshad_warsi)

Along with Arshad and Maria, several other entities including YouTuber Manish Mishra and promoters of Sadhna Broadcast – Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media, have also received a ban.

According to the interim order, Arshad Warsi made a profit of Rs 29.43 lakh. His wife Maria Goretti also earned a profit of Rs 37.56 lakh through the scheme.

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