SEBI BANS Actor Arshad Warsi and His Wife with a ₹5 Lakh Fine Each; Read Why –

SEBI Bans Arshad Warsi and Maria Goretti:

In a significant regulatory move, the Securities and Exchange Board of India (SEBI) has banned Bollywood actor Arshad Warsi and his wife Maria Goretti from the securities market, imposing a fine of ₹5 lakh each on the couple. The action comes in connection with a case involving alleged stock market manipulation and misleading YouTube videos that promoted certain small-cap stocks. The organization has also levied penalties of ₹5 lakh to ₹5 crore on 57 other entities, including promoters of Sadhna Broadcast (now Crystal Business System Ltd).

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According to SEBI's investigation, Arshad Warsi and Maria Goretti were among several individuals who profited from a “pump-and-dump” scheme. This involves artificially inflating the price of a stock through false or misleading statements, only to sell off the inflated shares at a profit before the price crashes, leaving retail investors with significant losses.

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SEBI stated that several YouTube channels were used to create hype around specific penny stocks, encouraging unsuspecting investors to buy in large volumes. These videos were reportedly backed by coordinated trading activities from certain individuals and entities—including Arshad Warsi and his wife—who offloaded their holdings after the prices surged.

Arshad Warsi, best known for his roles in films like Munna Bhai MBBS and Golmaal, denied any intentional wrongdoing in earlier statements, claiming he was unaware of the intricacies of stock trading and was misled by financial advisors. He will next be seen sharing screen with Akshay Kumar in Jolly LLB 3.

However, SEBI maintained that the couple failed to conduct due diligence before participating in suspicious market activity. They are now barred from trading in securities and engaging in any securities market-related activity until further notice.

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