The Securities and Exchange Board of India (SEBI) has once again turned its attention to actor Arshad Warsi, his wife Maria Goretti, brother Iqbal Warsi, and manager Aahuti Mistry in connection with a pump and dump scheme orchestrated by Sadhna Broadcast through YouTube channels, according to a report by Business Standard.
In its latest notice, SEBI has implicated 61 entities, including promoter group entities of SBL, alleging illicit gains amounting to ₹59.77 crore. This development follows SEBI’s earlier action on March 2, 2023, where Warsi and promoters of Sadhna Broadcast were barred from the securities market due to misleading videos uploaded on YouTube channels, which recommended investors to purchase the company’s securities.
SEBI has presented WhatsApp conversations with Manish Mishra, the operator of the YouTube channels, along with trade details as evidence. The regulator’s notice highlights that an initial sum of ₹25 lakh each was deposited into the bank accounts of Arshad Warsi, Maria Goretti, and Iqbal Warsi by Manish Mishra. Subsequently, Mishra would instruct Arshad Warsi, who also acted on behalf of Maria and Iqbal, regarding trades to be executed, including those involving the scrip of SBL.
This latest development underscores SEBI’s ongoing efforts to crack down on market manipulation and fraudulent activities within the securities market. The regulator’s scrutiny of individuals involved in pump and dump schemes reflects its commitment to maintaining the integrity and transparency of the financial markets.
The allegations against Arshad Warsi and others highlight the need for heightened vigilance and regulatory oversight to prevent such practices from undermining investor confidence and eroding market integrity. SEBI’s continued investigation and enforcement actions serve as a deterrent to those engaged in illicit activities within the securities market.
As the case unfolds, stakeholders and market participants will keenly observe SEBI’s actions and decisions, which play a crucial role in safeguarding the interests of investors and upholding the integrity of India’s capital markets.
This blog post provides an overview of SEBI’s issuance of a fresh show cause notice to Arshad Warsi and others in connection with a pump and dump scheme, highlighting the regulator’s efforts to combat market manipulation and uphold the integrity of the securities market.
