Latest news with #SBL
Gulf Today
3 days ago
- Business
- Gulf Today
SEBI bans Bollywood star Arshad Warsi, wife, 57 others from securities markets for up to 5 years
Markets regulator the Securities and Exchange Board of India (SEBI) on Thursday barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 others from the securities markets for periods ranging from 1-5 years. The regulator imposed a fine of Rs 5 lakh each on Warsi and his wife, Maria. The decision came in a case related to misleading videos on YouTube channels recommending investors to buy shares of Sadhana Broadcast. SEBI found that Arshad Warsi had made a profit of Rs41.70 lakh and his wife earned a profit of Rs50.35 lakh. "It is noted that Arshad Hussain Warsi in his statement recorded before SEBI on June 27, 2023, stated that apart from placing trades in his own account, he was also trading from the accounts of his wife (Noticee 61) and brother (Noticee 62). It is further noted from the submissions of Noticee 60 that Aahuti Mistry acted as the manager of Arshad Warsi,' according to the SEBI order. SEBI also levied penalties in the range of Rs 5 lakh to Rs 5 crore on 57 other entities, including promoters of Sadhana Broadcast (now Crystal Business System Ltd). Apart from the debarment, SEBI also directed these entities to disgorge total unlawful gains of Rs 58.01 crore along with 12% interest per annum from the end of the investigation period till the date of actual payment. The capital markets regulator said the masterminds behind this whole operation were Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra. Subhash Aggarwal, who also happened to be a director of the RTA of Sadhana Broadcast Ltd, acted as the go-between Manish Mishra and the promoters, the order stated. SEBI received complaints, alleging that there was price manipulation and subsequent offloading of shares in the scrip of SBL. It was also stated in the complaints that YouTube videos were being uploaded with false content to lure investors and a paid marketing campaign worth crores was undertaken to make the videos reach a wider audience. The complainant also provided links to YouTube videos, names of YouTube channels and dates when the videos were uploaded. SEBI examined the complaints and prima facie found that net sellers in the shares of SBL were connected to the creator of YouTube channels, wherein videos with false content and unrealistic target price for the scrip were uploaded with the intention to influence and induce public investors to invest in the scrip. "Search and seizure operations were conducted at the premises of 15 Noticees wherein various documentary and electronic evidences were gathered and statements of various Noticees were recorded on oath," according to the markets regulator. Indo-Asian News Service
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First Post
3 days ago
- Business
- First Post
Sadhna Broadcast: Here's why Sebi bans actor Arshad Warsi, wife Maria Goretti & 57 others from markets for up to 5 yrs
The regulator imposed a fine of ₹5 lakh each on Warsi and his wife Maria. The couple were restrained by the markets watchdog from the securities market for 1 year, as per an order passed by Sebi on Thursday. read more Markets regulator Sebi has barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities from the securities markets for 1-5 years in a case related to misleading videos on YouTube channels recommending investors to buy shares of Sadhna Broadcast. The regulator imposed a fine of ₹5 lakh each on Warsi and his wife Maria. The couple were restrained by the markets watchdog from the securities market for 1 year, as per an order passed by Sebi on Thursday. STORY CONTINUES BELOW THIS AD Sebi has also levied penalties of ₹5 lakh to ₹5 crore on 57 other entities, including promoters of Sadhna Broadcast (now Crystal Business System Ltd). Apart from the debarment, Sebi directed these 59 entities to disgorge total unlawful gains worth ₹58.01 crore along with 12 per cent interest per annum jointly and severally from the end of the investigation period till the date of actual payment. Sebi noted that Arshad had made a profit of ₹41.70 lakh and his wife earned a profit of ₹50.35 lakh. In the final order, Sebi found that the masterminds behind this whole operation were Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra. Subhash Aggarwal, who also happened to be a director of the RTA of Sadhna Broadcast Ltd (SBL), acted as the go between Manish Mishra and the promoters, the order stated. These individuals were the central characters who planned and executed the manipulative scheme, Sebi said. Further, the regulator observed that Peeyush Agarwal and Lokesh Shah facilitated accounts controlled by them to be used for the manipulative designs of Manish Mishra and the promoters of SBL. The former was a dealer at Choice and the latter the owner of the Delhi franchise of the stockbroker. They were both vital cogs who facilitated large scale manipulation in the scrip. Similarly, Jatin Shah played a leading role in operationalising the scheme, while other entities facilitated the manipulative designs or were in it to make a quick buck, the order said. STORY CONTINUES BELOW THIS AD As per the 109-page order, Sebi said the noticees (entities) have acted as information carriers or assisted in placing the manipulative trades, but not traded in the scrip from their own accounts. Sebi said the structured scheme executed in two coordinated phases. In the first phase, connected and promoter-linked entities executed trades among themselves to steadily inflate the price of the scrip and create a false appearance of market interest. These trades though often small in volume had a disproportionate impact on price due to low liquidity, allowing the perpetrators to push the scrip upward with relatively minimal trading outlay. In the second phase of the scheme, misleading and promotional videos were disseminated across YouTube channels such as Moneywise, The Advisor, and Profit Yatra, all operated by Manish Mishra, the order said. These videos presented SBL as a promising investment opportunity and were timed to coincide with and amplify artificial market activity, it added. 'The overall conduct of the noticees has revealed a classic pump-and-dump scheme. The price was systematically pushed upward through collusive trading, followed by aggressive promotional activity to draw in retail investors, and finally, a coordinated sell-off by the promoters,' Sebi's whole time member Ashwani Bhatia said in the order. STORY CONTINUES BELOW THIS AD Accordingly, these 59 entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. In addition, Sebi said that no monetary penalty is being imposed on Varun Media Pvt Ltd, a promoter entity, due to pending insolvency proceedings. However, the direction for disgorgement will remain applicable and proceedings against the company will be decided through a separate order. The order came after the Securities and Exchange Board of India (Sebi) received complaints during the period July-September 2022, alleging that there was price manipulation and subsequent offloading of shares in the scrip of television channel SBL. The complaints alleged that misleading YouTube videos with false content about the company were uploaded to lure investors. Thereafter, Sebi conducted a detailed investigation into the alleged manipulation in the scrip of SBL for the period March 8, 2022 to November 30, 2022. Sebi said that an interim order was passed by the regulator in March 2, 2023 against 31 entities, including promoters of SBL. STORY CONTINUES BELOW THIS AD
NDTV
3 days ago
- Business
- NDTV
SEBI Bans Actor Arshad Warsi, 58 Others From Securities Markets For Up To 5 Years
New Delhi: Markets regulator Sebi has barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities from the securities markets for 1-5 years in a case related to misleading videos on YouTube channels recommending investors to buy shares of Sadhna Broadcast. The regulator imposed a fine of Rs 5 lakh each on Warsi and his wife Maria. The couple were restrained by the markets watchdog from the securities market for 1 year, as per an order passed by Sebi on Thursday. Sebi has also levied penalties of Rs 5 lakh to Rs 5 crore on 57 other entities, including promoters of Sadhna Broadcast (now Crystal Business System Ltd). Apart from the debarment, Sebi directed these 59 entities to disgorge total unlawful gains worth Rs 58.01 crore along with 12 per cent interest per annum jointly and severally from the end of the investigation period till the date of actual payment. Sebi noted that Arshad had made a profit of Rs 41.70 lakh and his wife earned a profit of Rs 50.35 lakh. In the final order, Sebi found that the masterminds behind this whole operation were Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra. Subhash Aggarwal, who also happened to be a director of the RTA of Sadhna Broadcast Ltd (SBL), acted as the go between Manish Mishra and the promoters, the order stated. These individuals were the central characters who planned and executed the manipulative scheme, Sebi said. Further, the regulator observed that Peeyush Agarwal and Lokesh Shah facilitated accounts controlled by them to be used for the manipulative designs of Manish Mishra and the promoters of SBL. The former was a dealer at Choice and the latter the owner of the Delhi franchise of the stockbroker. They were both vital cogs who facilitated large scale manipulation in the scrip. Similarly, Jatin Shah played a leading role in operationalising the scheme, while other entities facilitated the manipulative designs or were in it to make a quick buck, the order said. As per the 109-page order, Sebi said the noticees (entities) have acted as information carriers or assisted in placing the manipulative trades, but not traded in the scrip from their own accounts. Sebi said the structured scheme executed in two coordinated phases. In the first phase, connected and promoter-linked entities executed trades among themselves to steadily inflate the price of the scrip and create a false appearance of market interest. These trades though often small in volume had a disproportionate impact on price due to low liquidity, allowing the perpetrators to push the scrip upward with relatively minimal trading outlay. In the second phase of the scheme, misleading and promotional videos were disseminated across YouTube channels such as Moneywise, The Advisor, and Profit Yatra, all operated by Manish Mishra, the order said. These videos presented SBL as a promising investment opportunity and were timed to coincide with and amplify artificial market activity, it added. "The overall conduct of the noticees has revealed a classic pump-and-dump scheme. The price was systematically pushed upward through collusive trading, followed by aggressive promotional activity to draw in retail investors, and finally, a coordinated sell-off by the promoters," Sebi's whole time member Ashwani Bhatia said in the order. Accordingly, these 59 entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. In addition, Sebi said that no monetary penalty is being imposed on Varun Media Pvt Ltd, a promoter entity, due to pending insolvency proceedings. However, the direction for disgorgement will remain applicable and proceedings against the company will be decided through a separate order. The order came after the Securities and Exchange Board of India (Sebi) received complaints during the period July-September 2022, alleging that there was price manipulation and subsequent offloading of shares in the scrip of television channel SBL. The complaints alleged that misleading YouTube videos with false content about the company were uploaded to lure investors. Thereafter, Sebi conducted a detailed investigation into the alleged manipulation in the scrip of SBL for the period March 8, 2022 to November 30, 2022. Sebi said that an interim order was passed by the regulator in March 2, 2023 against 31 entities, including promoters of SBL.
West Australian
3 days ago
- Sport
- West Australian
Geraldton Buccaneer Alex Ducas is one step closer to an NBA championship ring with Oklahoma City Thunder
Former Geraldton Buccaneer Alex Ducas is one step closer to an NBA championship ring with Oklahoma City Thunder. Thunder have stormed into the NBA finals for the first time since 2012, dominating in the regular season and booking the finals berth after a 4-1 semifinal series win over the Minnesota Timberwolves. Ducas messaged his dad Aaron after the game on Thursday, telling him the team felt confident in their play and that they're looking forward to the finals. When asked about having an NBA championship ring in the house, Aaron Ducas told the Geraldton Guardian on Friday: 'Yeah, it's huge, slightly better than the SBL title, it would be amazing.' 'He's put all the hard yards in, done all the little things to get him where he is, and he deserves every accolade he can get.' While Ducas hasn't had game time since mid-April he is still on the roster as a two-way player and could get some minutes on the court should the Thunder roll deep into the finals series. Competition is fierce within the squad, with teammate Jalen Williams combining with NBA MVP Shai Gilgeous-Alexander and Chet Holmgren to score 170 points in games four and five against the Timberwolves. Luc Longley is the only West Australian basketballer to have won an NBA championship. In fact, he has won three. Ducas debuted in 2016, playing 51 games over four seasons for the Buccs, including the SBL championship in 2019, the same year he was named NBL1 youth player of the year. He played a full five years of college basketball in the US, for St Mary's Gaels in California. The 24-year-old signed with the Thunder mid-2024 and has played 21 games in the 2024-25 season, averaging six minutes and 1.7 points a game. Oklahoma will face either the New York Knicks or the Indiana Pacers in a best-of-seven series, starting June 6.
News18
3 days ago
- Business
- News18
SEBI Imposes Ban On Arshad Warsi, 58 Others Form Markets Over Alleged Pump-And-Dump Scheme
Last Updated: Sebi has unveiled a stock manipulation scheme involving Sadhna Broadcast, with allegations pointing towards the use of WhatsApp messages to coordinate the scheme SEBI The Securities and Exchange Board of India (SEBI) has uncovered a stock manipulation scheme involving Sadhna Broadcast Ltd (SBL), coordinated through WhatsApp messages. The regulator has taken strict action against several individuals, including actor Arshad Warsi, for their alleged roles in the scheme. Gaurav Gupta emerged as the biggest beneficiary, reportedly making Rs 18.33 crore through the scheme, while Sadhna Bio Oils Pvt. Ltd gained Rs 9.41 crore. SEBI has ordered the recovery of these illegal profits as part of its enforcement measures. SEBI has imposed penalties including a Rs 5 crore fine on Manish Mishra, and Rs 2 crore fines on individuals like Gaurav Gupta. Jatin Manubhai Shah was fined Rs 1 crore. These actions form part of SEBI's wider crackdown on financial fraud. The scheme involved a classic 'pump and dump' tactic, using misleading YouTube videos to inflate SBL's share price before promoters sold their holdings. SEBI's investigation, covering March 8 to November 30, 2022, revealed a paid marketing campaign spreading false content to lure investors. Arshad Warsi, along with his wife and brother, has been barred from the securities market for one year. SEBI found Warsi was involved in the scheme and communicated with Manish Mishra, the key orchestrator, despite Warsi's claims of being unaware of stock market details. SEBI also identified five YouTube channels—The Advisor, Midcap Calls, Profit Yatra, Moneywise, and India Bullish—as involved in spreading misleading information to promote SBL fraudulently. WhatsApp chats showed an intention to transfer Rs 25 lakh each to Warsi and his family members, highlighting the coordinated nature of the scheme. SEBI's final order includes a five-year market ban for seven individuals and a one-year ban for 54 others, underscoring the gravity of the offenses. The regulator's actions demonstrate its commitment to protecting market integrity. Along with fines, SEBI has directed the recovery of Rs 1.05 crore from Warsi and his family, sending a strong message against fraudulent activities in the capital markets. First Published: May 30, 2025, 12:10 IST
