Arshad Warsi tweets after Sebi slaps market ban

Arshad Warsi tweets after Sebi slaps market ban

Bollywood star Arshad Warsi, known for his performances in movies like ‘Munna Bhai MBBS’, ‘Golmaal’ & ‘Ishqiya’, issued a clarification on Twitter on Thursday hours after the Securities and Exchange Board of India (SEBI) banned the actor and his wife Maria Goretti from the securities market.

On Thursday, Sebi banned Arshad-Maria and 45 other entities from the securities market 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.

Clarifying his side of the story, the 54-year-old 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 read.

In less than 24 hours, his post got around one million views.

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, an ANI report said.

According to a PTI report, the regulator has also impounded illegal gains to the tune of Rs 54 crore made by the entities after misleading videos were uploaded on YouTube channels, as per two separate interim orders.

Source link