SEBI bans Arshad Warsi, wife Maria Goretti for one year in market manipulation case : Bollywood News
The Securities and Exchange Board of India (SEBI) prohibited actor Arshad Warsi, his wife Maria Goretti and 57 other people to access the securities market for a period from one to five years. The sanctions were imposed in relation to a market handling program involving Sadhna Broadcast LTD, now known as Crystal Business System Ltd.
SEBI forbids Arshad Warsi, wife Maria Goretti for a year in the case of market manipulation
One -year ban for Arshad Warsi and Maria Goretti
According to the final order of SEBI, Arshad Warsi and Maria Goretti were sentenced to a fine of Rs 5 Lakh each and prohibited to negotiate on the securities market for a year. The market regulator also revealed that Arshad had made profits from RS 41.7 Lakh, while Maria won Rs 50.35 Lakh of the program.
In total, 59 entities were directed to illegal gains jointly and separately from the illegal gains for a 58.01 rupeed crore, as well as 12% interest per year from the end of the survey period until full reimbursement.
Discovered pump and fumper diagram
The 109-page command of SEBI detailed a “classic pump-fin” strategy executed in two phases:
- Phase 1: Entities linked to the promoter have engaged in collusive transactions to inflate the course of the action of the diffusion of Sadhna, creating an artificial appearance of market interest.
- Phase 2: Misleading promotional videos have been published on YouTube channels such as Moneywise,, AdvisorAnd Profit yatra – All operated by the accused Manish Mishra – to attract retail investors without distrust. These timed videos with the swollen market activity allowed the authors to unload their actions at higher prices.
Key figures identified
Sebi identified Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra as the brains of the operation. Subhash Aggarwal acted as an intermediary between Mishra and the promoters, while Peeyush Agarwal and Lokesh Shah facilitated the use of certain accounts for the execution of manipulative professions. Jatin Shah was also appointed key actor in the implementation of the program.
The regulator noted that even if several entities were not negotiated using their own accounts, they acted as information carriers or supported manipulation negotiation practices.
Legal violations and consequences
The 59 entities have proven to have violated the sebi’s prohibition of fraudulent and unfair regulations of commercial practices (PFUTP). In addition to the fines going between RS 5 Lakh and RS 5 Crere, SEBI launched steps to recover the poorly acquired gains from the accused parties.
No monetary penalty has been taken from Varun Media PVT LTD, a promoting entity, due to an insolvency procedure in progress. However, the management of the disgorgement will remain in force.
Context of the case
SEBI started investigating the case after receiving complaints between July and September 2022 on the potential price handling and the deceptive YouTube content promoting Sadhna. A preliminary provisional order was adopted in March 2023 against 31 entities, including the promoters of the company. The final order, adopted by the member of SEBI, Ashwani Bhatia, consolidates the results of the complete survey covering on March 8 for November 30, 2022.
Read also: Arshad Warsi gives fans a visit to his Portuguese house restored 150 years in Goa, available for rental at Rs. 75,000 per night
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