SEBI bars actor Arshad Warsi, wife, brother from market for violating rules
Mumbai May 30 (UNI)The Securities and Exchange Board of India (SEBI) on Friday barred Bollywood actor Arshad Hussain Warsi, his wife Maria Goretti Warsi and others from accessing the securities market for a period of one year, following their alleged involvement in a coordinated 'pump and dump' scheme related to shares of Sadhna Broadcast Limited (SBL).
The regulator imposed a fine of Rs 5 lakh each on Arshad and his wife Maria and restrained them from the securities market for 1 year, as per an order passed by SEBI on Thursday
The regulator also barred 57 other entities and persons including Warsi's brother Iqbal Warsi from the market for periods ranging from one to five years.
The order passed by SEBI Whole Time Member Ashwani Bhatia notes that Arshad Warsi, his brother Iqbal and Goretti were complicit in the market manipulation scheme orchestrated by the mastermind, Manish Mishra.
The probe was initiated after complaints were received between July and September 2022 alleging stock price manipulation in Sadhna Broadcast shares, promoted by misleading YouTube videos and a large-scale paid marketing campaign. UNI AAA SSP
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