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Business Standard
3 days ago
- Business
- Business Standard
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.
Economic Times
3 days ago
- Business
- Economic Times
Why Sebi short-circuited Munna Bhai's Circuit: Arshad Warsi, wife among 59 banned for role in YouTube stock manipulation scheme
Bollywood meets the boiler room Live Events The script for the scam SEBI's findings and fallout Celebrity in the crosshairs SEBI's action timeline (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Munna Bhai's beloved sidekick has run afoul of the law, but this time, it's not on the silver screen. Arshad Warsi , best known for his iconic role as ' Circuit ' in the Munna Bhai films, now finds himself entangled in a very different plot— in a securities scam that played out across YouTube and the Indian stock market. India's markets regulator, Securities and Exchange Board of India SEBI ), on Thursday barred Warsi , his wife Maria Goretti , and 57 others from trading in securities for periods ranging from one to five years, alleging they were part of a pump-and-dump scheme that misled retail investors into buying shares of Sadhna Broadcast Ltd through manipulated online content and coordinated a sweeping crackdown involving 59 individuals and entities, SEBI said the couple participated in a carefully orchestrated campaign to artificially inflate the price of Sadhana Broadcast shares and dump them on unsuspecting retail imposed a penalty of Rs 5 lakh each on the Bollywood couple, while also ordering them to return illicit profits, Rs 41.70 lakh for Warsi and Rs 50.35 lakh for Goretti, made from trading Sadhna Broadcast shares during the manipulation window. In total, SEBI directed 59 entities to jointly disgorge Rs 58.01 crore in unlawful gains, along with 12% annual interest, under a sweeping final order issued May case centers on what SEBI has called a 'carefully structured' two-phase scheme that involved rigging the stock price through circular trading and luring retail investors with viral YouTube videos recommending the to the 109-page order, the operation was orchestrated primarily by Manish Mishra, who controlled five YouTube channels—Moneywise, The Advisor, Profit Yatra, India Bullish, and Midcap Calls—that uploaded promotional videos featuring exaggerated claims and baseless price targets for Sadhna investigation found that the scheme kicked off with structured trades between connected parties to artificially drive up the price of the low-liquidity stock. The trading activity, though small in volume, created the illusion of investor interest and upward the stage was set, the second phase began. Between July and November 2022, a series of videos were uploaded on the Mishra-run channels, touting Sadhna Broadcast as a hidden gem. The videos falsely claimed the company held a 5G license, was being acquired by the Adani Group, had secured a Rs 1,100 crore contract with a U.S. investor to produce devotional films, and had major mutual fund backing. Retail investors, drawn in by the fabricated bullish narrative, poured into the stock just as the operators began to entire operation was amplified through paid marketing campaigns on Google Ads worth over Rs 3.39 crore, funded by Mishra and his associates. The videos garnered millions of views before being marked to the order signed by SEBI Whole-Time Member Ashwani Bhatia, the operation 'revealed a classic pump-and-dump scheme' that involved 'collusive trading, aggressive promotional activity to draw in retail investors, and finally, a coordinated sell-off by the promoters.'Warsi and Goretti purchased shares just days before the first videos went live and offloaded them soon after prices surged. Their trades were matched with accounts of known operators, including Jatin Shah and Angad Rathod, highlighting their integration into the broader traced connections between nearly all 59 noticees through call records, financial transfers, trading behaviour, common addresses, and shared IP logs. Entities were categorized as misleading message disseminators, volume creators, net sellers, and information carriers. Promoter group members and employees of Sadhna Broadcast—now renamed Crystal Business System Ltd—were also found to have actively participated or facilitated the who earned critical and popular acclaim for playing 'Circuit' in Munna Bhai M.B.B.S. and Lage Raho Munna Bhai, now joins the growing list of public figures ensnared in financial investigations involving market manipulation and social media influence. The order against him follows an interim action issued in March 2023 and a detailed investigation spanning trades from March to November addition to the couple's one-year market ban, SEBI handed longer debarments—up to five years—to others deemed central to the scheme. These include Gaurav Gupta, Rakesh Kumar Gupta, and Mishra himself, along with broker-linked entities and shell companies used to circulate trades and book final order follows an investigation period spanning March 8 to November 30, 2022. SEBI launched its inquiry after receiving complaints between July and September 2022 that alleged 'price manipulation and subsequent offloading of shares' in Sadhana Broadcast. The complaints also claimed misleading YouTube content was part of a paid marketing campaign aimed at retail interim order was issued on March 2, 2023, against 31 entities, including the company's promoters. This week's final ruling expands enforcement action to 59 most entities faced monetary penalties, SEBI exempted Varun Media Pvt Ltd—a promoter group entity currently undergoing insolvency proceedings—from any financial penalty. However, it clarified that the disgorgement order would remain applicable and further action would be addressed through a separate case stresses on SEBI's sharpened focus over the intersection of social media and securities fraud. By targeting a celebrity and leveraging YouTube influencers, the operation capitalized on the retail boom in India's stock markets and the growing clout of online financial content creators.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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
Time of India
3 days ago
- Business
- Time of India
Sebi Imposes 5-Year Ban on Actor Arshad Warsi and 58 Others for Sadhana Broadcast Market Manipulation, ET LegalWorld
Regulators 3 min read Sadhana Broadcast: Sebi bans actor Arshad Warsi, 58 others from mkts for up to 5 yrs Securities and Exchange Board of India took action against Arshad Warsi and others. They are barred from the market for manipulating Sadhana Broadcast shares. The regulator found misleading YouTube videos promoted the stock. Warsi and his wife, Maria Goretti, face penalties. Other entities are also fined and must return illegal gains.
News18
08-05-2025
- Entertainment
- News18
Arshad Warsi Offers a Tour of His Restored 150-Year-Old Portuguese Villa in Goa
Last Updated: Arshad Warsi offers a peek into his beautifully restored 150-year-old Portuguese villa, Casa Zen, in Goa. Actor Arshad Warsi recently shared a rare glimpse into his stunning heritage home in Goa — a 150-year-old Portuguese villa that he and his wife, Maria Goretti, have lovingly restored. Nestled in the picturesque village of Saligao in North Goa, the five-bedroom property — aptly named Casa Zen — blends colonial charm with modern elegance. Taking to Instagram, Warsi posted a serene video tour of the house, offering viewers a peek into the tranquil lifestyle he enjoys in his tropical retreat. 'Just a thank you to everyone," he captioned the video, which beautifully captures the essence of the home and its lush surroundings. In the clip, the actor walks through the immaculately maintained property, revealing its whitewashed façade paired with rich brown accents. A highlight is the expansive swimming pool surrounded by oversized terracotta planters brimming with greenery — an oasis perfect for unwinding. 'I just can't get enough of my beautiful house in Goa. Absolutely crazy about it," Warsi says in the video. 'Every day, there is a new place to chill." Inside, the home features an eclectic mix of antique and modern furniture — from carved almirahs and cozy couches to elegant dining tables and vintage chairs. The tour also includes a glimpse of the actor's garden, where a fruit-laden mango tree stands tall. 'Today I've decided to come and sit here. Just outside the house. Look at it, so much greenery," he remarks, adding, 'Lovely mangoes on my tree. It's time to sit here and relax and thank my stars and thank everybody who is responsible for giving me such a beautiful life. Thank you." Staying true to its Portuguese roots, the villa boasts high ceilings, arched doorways, and wooden-framed windows. Yet, the couple has infused the space with their own creative flair — pops of color, tropical motifs, and abundant indoor plants breathe life into every corner. Notable features include a jungle-themed dining area, a vibrant blue cabinet along the corridor, and a striking indigo-hued entrance. Figurines and carefully chosen décor pieces add a whimsical, personal touch. For those seeking a luxurious Goan escape, Casa Zen is also available as a vacation rental. Managed by Wildflower Villas, the entire property can be booked at Rs 75,000 plus taxes per night. Upcoming Projects On the professional front, Arshad Warsi has a packed slate ahead. He is set to reunite with Akshay Kumar for Jolly LLB 3, directed by Subhash Kapoor and scheduled for release on September 19, 2025. He will also be seen in the star-studded ensemble comedy Welcome To The Jungle, sharing screen space with Jackie Shroff, Suniel Shetty, Paresh Rawal, Tusshar Kapoor, Shreyas Talpade, Aftab Shivdasani, Raveena Tandon, Lara Dutta, Disha Patani, Johnny Lever, and Rajpal Yadav. First Published: May 08, 2025, 09:17 IST
