SEBI bars actor Arshad Warsi, wife and 57 others from markets for up to 5 years

Markets regulator the Securities and Exchange Board of India (SEBI) on Thursday barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 others from the securities markets for periods ranging from 1-5 years.

- AGENCIES

The regulator imposed a fine of Rs 5 lakh each on Warsi and his wife, Maria. The decision came in a case related to misleading videos on YouTube channels recommending investors to buy shares of Sadhana Broadcast.

SEBI found that Arshad Warsi had made a profit of Rs 41.70 lakh and his wife earned a profit of Rs 50.35 lakh.

"It is noted that Arshad Hussain Warsi in his statement recorded before SEBI on June 27, 2023, stated that apart from placing trades in his own account, he was also trading from the accounts of his wife (Noticee 61) and brother (Noticee 62). It is further noted from the submissions of Noticee 60 that Aahuti Mistry acted as the manager of Arshad Warsi," according to the SEBI order.