February 25, 2024

Recently, SEBI (Securities and Exchange Board of India) banned 45 people from participating in the securities market following a complaint on manipulation of share prices. As per a report by the PTI (Press Trust of India), these also include Arshad Warsi and his wife Maria Goretti.

SEBI bans Arshad Warsi and wife Maria Goretti from securities market for alleged manipulation of share prices

The SEBI took the decision after an investigation into allegations of share price manipulation by certain entities of two firms Sharpline Broadcast and Sadhna Broadcast by allegedly sharing misleading videos on their YouTube channels, recommending people to buy shares of their firms to make ‘extraordinary’ profits.

Apart from the ban, SEBI has also seized illegal gains amounting to Rs 54 crores made by the entities through the allegedly misleading videos. As per the PTI, Arshad and Maria allegedly made profits of Rs 29.43 lakhs and Rs 37.56 lakhs respectively in this way.

SEBI began the investigation after receiving complaints about some entities allegedly engaging in price manipulations and offloading of shares of Sharpline Broadcast and Sadhna Broadcast in order to entice potential investors.

SEBI investigated the scenario from April to September 2022 and realized that there was a sharp increase in the price and volume of the shares belonging to the two companies from the period of April to mid-July 2022.

On the work front, Arshad’s last movie was the Akshay Kumar starrer Bachchan Paandey last year. Following this, he was also seen in the anthology Modern Love: Mumbai in the same year. Just recently, his yet-untitled comedy with Sanjay Dutt was also announced.

Also Read: Munna Bhai pair Sanjay Dutt and Arshad Warsi to reunite for a comedy by Sidhaant Sachdev

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