The Securities and Exchange Board of India (SEBI) on Thursday barred 45 entities, including actor Arshad Warsi, his wife Maria Goretti and others, from the securities market in cases related to manipulation of share prices of two companies by uploading misleading videos on YouTube channels. The market regulator said it has taken the decision after examining allegations of price rigging.
The cases pertain to uploading misleading videos on YouTube channels and recommending investors to buy shares of Sadhna Broadcast Limited and Sharpline Broadcast Limited. Some promoters of Sadhna Broadcast have been debarred from the stock market for their involvement.
The market regulator said it has taken the decision after examining allegations of price rigging. It said videos on four YouTube channels were used to artificially inflate the prices of some stocks. Actor Arshad Warsi, who is embroiled in the case along with his wife, denied the allegations.
In its probe, the SEBI said it found that YouTube channels 'The Advisor' and 'Moneywise' - owned by influential Manish Mishra - used celebrities to recommend shares of the two companies to retail investors.
On Thursday, Warsi tweeted that he and Goretti had "zero" knowledge about the stock market and had lost "our hard earned money" after investing in stocks on third party advice.
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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