&w=3840&q=100)
Why has Sebi barred Arshad Warsi from the securities market for a year?
The Securities and Exchange Board of India (Sebi) on Thursday barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities from the securities market for periods ranging from one to five years. The crackdown follows an investigation into misleading YouTube videos that recommended investing in shares of Sadhna Broadcast Ltd (now Crystal Business System Ltd).
According to a Sebi order issued, both Warsi and Goretti were fined ₹5 lakh each and prohibited from participating in the securities market for one year, news agency PTI reported.
Earlier in March 2023, Sebi took action against Warsi, his wife, and several others in a related case involving misleading YouTube videos promoting shares of Sadhna Broadcast Ltd. In the order, Sebi had directed the impounding of illegal gains amounting to ₹41.85 crore accrued by the entities involved in the pump-and-dump scheme. It also ordered all 31 individuals to open an escrow account with a scheduled commercial bank and deposit the impounded amount within 15 days.
Hefty penalties and disgorgement orders
On Thursday (May 29), Sebi imposed penalties ranging from ₹5 lakh to ₹5 crore on the 57 other individuals and entities involved, including key promoters of Sadhna Broadcast. The order also directed all 59 entities to jointly and severally disgorge illegal gains amounting to ₹58.01 crore, along with 12 per cent interest per annum, from the end of the investigation period until the payment is made.
Sebi's findings revealed that Warsi and his wife earned illicit profits of ₹41.70 lakh, and ₹50.35 lakh, respectively.
Who are the masterminds behind the scheme?
In its detailed 109-page order, Sebi identified Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra as the masterminds of the scheme. Subhash Aggarwal, who served as a director at the registrar and transfer agent of Sadhna Broadcast, acted as a liaison between Mishra and the company's promoters.
'These individuals were the central characters who planned and executed the manipulative scheme,' the regulator said.
How the scam was orchestrated
According to Sebi, Peeyush Agarwal, a dealer at Choice, and Lokesh Shah, owner of the Delhi franchise of a stockbroker, facilitated accounts for Manish Mishra and the promoters of Sadhna Broadcast to execute trades that manipulated the stock price.
Jatin Shah also played a significant role in operationalising the scheme, while other participants either enabled the manipulative activities or sought quick profits, the order said.
Sebi noted that although some entities did not trade from their own accounts, they acted as information carriers or assisted in placing manipulative trades.
Two-phase pump-and-dump scheme
The regulator outlined a two-phase plan to manipulate the stock price:
Phase 1: Connected and promoter-linked entities traded among themselves to steadily inflate the price of Sadhna Broadcast shares. Despite small trade volumes, the low liquidity of the scrip allowed these trades to disproportionately influence the price, creating an illusion of investor interest.
Phase 2: Misleading and promotional videos were published on YouTube channels such as Moneywise, The Advisor, and Profit Yatra — all operated by Manish Mishra — to lure retail investors. These videos coincided with the artificial price surge and recommended SBL as a promising investment opportunity.
Additional actions and ongoing proceedings
Sebi clarified that Varun Media Pvt Ltd — a promoter entity — would not be fined due to ongoing insolvency proceedings, but the direction for disgorgement remains in place.
The regulatory action follows complaints received between July and September 2022, alleging price manipulation and offloading of shares in Sadhna Broadcast. Investors flagged misleading YouTube videos that falsely promoted the company to lure unsuspecting buyers.
Sebi subsequently launched a detailed investigation into trading activities in SBL's shares between March 8, 2022, and November 30, 2022. The regulator had already issued an interim order on March 2, 2023, against 31 entities, including promoters of SBL.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
She was a cancer nurse, now she fixes cars: This 39-year-old YouTube trained mechanic's income will leave you stunned
The First Spark: From YouTube Videos to Real-World Repairs Grease-Stained Dreams: The Garage Becomes a Goldmine The Moment of Truth: Can Passion Pay the Bills? You Might Also Like: 'Don't be that person who ignores this technology': Nvidia CEO warns AI will rewrite the rules of employment Beating the Odds—and the Bias From Torque Wrenches to TikTok Fame Desiree Hill used to save lives for a living. As an oncology nurse in Duluth, Georgia, her days were spent navigating the emotional weight of a high-stress hospital unit. Add to that a three-hour daily commute and the overwhelming demands of single motherhood, and life had become more exhausting than fulfilling.'I rarely saw my children,' Hill reflected while talking to CNBC Make It. 'Everything started to feel like it was slipping away—from my personal happiness to my health and peace of mind.'Her career was stable, sure. But was it enough? That's the question that nudged her toward a decision most would call irrational—until they heard what happened zero experience under the hood, Hill began watching YouTube tutorials on car repairs out of sheer curiosity. What started as a late-night distraction soon became a hands-on hustle. She bought an old truck for around $1,200, fixed it with just $60 in parts, and flipped it for more than triple the price within two days.'It was electric—the feeling of making something work with my hands and actually turning a profit,' she says. She wasn't just fixing cars. She was rewiring her entire the side hustle grew, so did her ambition. Within a year, Hill left nursing behind and started flipping cars full-time. It wasn't long before she was waking up at 6 a.m., working till 3 a.m., and involving her kids in the business. Even her 10-year-old daughter built a expanded into mobile repairs, took on customer jobs, and documented her progress on TikTok, where she now has a follower base larger than most small towns. Then came the real pivot: opening her own 9,000-square-foot auto shop, Crown's Corner Mechanic, just minutes from began as a leap of faith. What it became was something much first glance, becoming a mechanic may not sound like the most lucrative midlife switch. But beneath the surface of oil changes and engine overhauls, a financial transformation was brewing. The tiny side gig that once brought in a few thousand dollars here and there has grown into a six-figure business is now pulling in monthly numbers that would make most white-collar professionals raise an eyebrow. Let's just say she's not missing her hospital paychecks anymore. While she keeps her precise profit margins guarded, documents reviewed by CNBC confirm what the figures suggest: she's now earning more in a month than she once did in a Hill has built a business most would only dream of—one that now earns nearly $440,000 a not just the business of cars that Hill is navigating—it's the business of perception. Standing at 4-foot-11, she often stuns customers who assume she's the receptionist or assistant. But when she dissects their vehicle's issue before they've finished explaining, the assumptions quickly fall apart.'I have to prove myself every time I open my mouth,' she admits. 'But I love it. I love showing them what I know.'Her shop is now a hub of collaboration, with space rented out to welders, tow truck operators, and other mechanics. The rent is steep, but the returns—financial, emotional, and reputational—are her clientele grows, so does her vision. She dreams of owning the space she currently rents, expanding her team, and maybe even earning a mechanical engineering degree. She's already repaid a generous loan from a customer-turned-angel-investor and is now setting her sights on crossing a milestone few small businesses ever just how much is she making now?Let's put it this way: her first year flipping cars brought in six figures. Her auto shop's revenue has nearly doubled since last year. And projections suggest she's barreling toward $1 million in annual revenue—a far cry from her nursing Hill didn't just switch careers. She rewrote her story, replacing burnout with empowerment and stagnation with momentum. Her journey is a masterclass in self-belief, grit, and the courage to chase unfamiliar dreams.'If you don't know about us yet,' she says, 'you're going to know about us real soon.'And with the kind of numbers she's pulling in? That's a promise worth betting on.
Time of India
an hour ago
- Time of India
She was a cancer nurse, now she fixes cars: This 39-year-old YouTube trained mechanic's income will leave you stunned
The First Spark: From YouTube Videos to Real-World Repairs Grease-Stained Dreams: The Garage Becomes a Goldmine The Moment of Truth: Can Passion Pay the Bills? You Might Also Like: 'Don't be that person who ignores this technology': Nvidia CEO warns AI will rewrite the rules of employment Beating the Odds—and the Bias From Torque Wrenches to TikTok Fame Desiree Hill used to save lives for a living. As an oncology nurse in Duluth, Georgia, her days were spent navigating the emotional weight of a high-stress hospital unit. Add to that a three-hour daily commute and the overwhelming demands of single motherhood, and life had become more exhausting than fulfilling.'I rarely saw my children,' Hill reflected while talking to CNBC Make It. 'Everything started to feel like it was slipping away—from my personal happiness to my health and peace of mind.'Her career was stable, sure. But was it enough? That's the question that nudged her toward a decision most would call irrational—until they heard what happened zero experience under the hood, Hill began watching YouTube tutorials on car repairs out of sheer curiosity. What started as a late-night distraction soon became a hands-on hustle. She bought an old truck for around $1,200, fixed it with just $60 in parts, and flipped it for more than triple the price within two days.'It was electric—the feeling of making something work with my hands and actually turning a profit,' she says. She wasn't just fixing cars. She was rewiring her entire the side hustle grew, so did her ambition. Within a year, Hill left nursing behind and started flipping cars full-time. It wasn't long before she was waking up at 6 a.m., working till 3 a.m., and involving her kids in the business. Even her 10-year-old daughter built a expanded into mobile repairs, took on customer jobs, and documented her progress on TikTok, where she now has a follower base larger than most small towns. Then came the real pivot: opening her own 9,000-square-foot auto shop, Crown's Corner Mechanic, just minutes from began as a leap of faith. What it became was something much first glance, becoming a mechanic may not sound like the most lucrative midlife switch. But beneath the surface of oil changes and engine overhauls, a financial transformation was brewing. The tiny side gig that once brought in a few thousand dollars here and there has grown into a six-figure business is now pulling in monthly numbers that would make most white-collar professionals raise an eyebrow. Let's just say she's not missing her hospital paychecks anymore. While she keeps her precise profit margins guarded, documents reviewed by CNBC confirm what the figures suggest: she's now earning more in a month than she once did in a Hill has built a business most would only dream of—one that now earns nearly $440,000 a not just the business of cars that Hill is navigating—it's the business of perception. Standing at 4-foot-11, she often stuns customers who assume she's the receptionist or assistant. But when she dissects their vehicle's issue before they've finished explaining, the assumptions quickly fall apart.'I have to prove myself every time I open my mouth,' she admits. 'But I love it. I love showing them what I know.'Her shop is now a hub of collaboration, with space rented out to welders, tow truck operators, and other mechanics. The rent is steep, but the returns—financial, emotional, and reputational—are her clientele grows, so does her vision. She dreams of owning the space she currently rents, expanding her team, and maybe even earning a mechanical engineering degree. She's already repaid a generous loan from a customer-turned-angel-investor and is now setting her sights on crossing a milestone few small businesses ever just how much is she making now?Let's put it this way: her first year flipping cars brought in six figures. Her auto shop's revenue has nearly doubled since last year. And projections suggest she's barreling toward $1 million in annual revenue—a far cry from her nursing Hill didn't just switch careers. She rewrote her story, replacing burnout with empowerment and stagnation with momentum. Her journey is a masterclass in self-belief, grit, and the courage to chase unfamiliar dreams.'If you don't know about us yet,' she says, 'you're going to know about us real soon.'And with the kind of numbers she's pulling in? That's a promise worth betting on.
&w=3840&q=100)
Business Standard
2 hours ago
- Business Standard
Brightcom Group Q4 results: PAT jumps 3-fold to ₹121 cr on higher revenues
Digital marketing and technology solutions provider Brightcom Group on Saturday said its consolidated Profit After Tax (PAT) jumped over three-fold to Rs 120.68 crore in the March quarter, compared to the year-ago period, mainly driven by higher revenues. In the quarter ended March 31, 2024 the company had reported a profit of Rs 37.46 crore, according to a company statement. Brightcom Group's operating income stood at Rs 987.48 crore in Q4FY25, up from Rs 704.60 crore in the same quarter of the previous year. For the fiscal 2024-25, the consolidated PAT for FY25 was Rs 710.03 crore, as against Rs 687.52 crore recorded in the previous fiscal year, the statement added. Brightcom achieved a consolidated operating income of Rs 5,146.66 crore, up from Rs 4,662.25 crore in FY24. The company further said that it has secured an interim relief from the Telangana High Court, which suspended certain penalties imposed by Sebi, citing a lack of prima facie evidence. Looking ahead, Brightcom Group is focused on launching innovative solutions in digital advertising and artificial intelligence, expanding into key global markets such as APAC, the EU, and North America, and enhancing corporate governance and investor communication, it said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
