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Bollywood Actor Arshad Warsi Banned From Indian Stock Market

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Bollywood star Arshad Warsi, issued a clarification on Twitter on Thursday after the Securities and Exchange Board of India (SEBI) banned the actor and his wife Maria Goretti from the securities market.

Actor Arshad Warsi and his wife, are among 45 individuals and companies banned by the Securities and Exchange Board of India (SEBI) for allegedly “manipulating share prices” of two companies by uploading “misleading videos” on YouTube channels. YouTuber Manish Mishra and Sadhna Broadcast promoters Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media also were part of the banned entities.

The interim order said that the actor and his wife together – classified as volume creators by the capital markets regulator – earned a profit of Rs 66.99 lakh through their investments. While Warsi made Rs 29.43 lakh, Goretti earned Rs 37.56 lakh.

The actor said that he and his wife don’t understand how the stock market works since they have “zero” knowledge about the same. In his tweet, Warsi said that he took advice before investing with the promoters (and got their name wrong in his post), and lost their “hard-earned money.”

“Please do not believe everything you read in the news. Maria and my knowledge about stocks are zero, took the advice and invested in Sharda, and like many others, lost all our hard-earned money,” his tweet reads.

The investigation began after SEBI received complaints alleging that certain entities were engaging in price manipulation and offloading shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd by uploading misleading videos on YouTube channels, newswire ANI report said.

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