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SEBI has banned actor Arshad Warsi, his wife Maria Goretti and 29 others for allegedly misleading investors through a YouTube video to trade in scrips of Sadhna Broadcast.
SEBI said, “Two YouTube channels ‘The Advisor’ and ‘Moneywise’ had lakhs of subscribers and the misleading YouTube videos had crores of viewership aided by promotion through paid advertising campaigns. Subsequent to the release of the misleading YouTube videos, there was an increase in the price and trading volume of the Sadhna scrip. The volumes appear to have been contributed by large number of retail investors likely influenced by the misleading YouTube videos. During this period, certain promoter shareholders, key management personnel of Sadhna, and non-promoter shareholders who held more than 1% of shareholding in Sadhna offloaded a significant part of their holdings at inflated prices and booked profits.”
SEBI barred all of them from accessing securities markets i.e. they cannot buy, sell or deal in securities markets.
In another order, SEBI has barred 24 other individuals from accessing securities markets for allegedly misguiding investors through YouTube video to trade in stocks of Sharpline Broadcast.
