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The decision was taken following an investigation into claims that two companies, Sharpline Broadcast Ltd. and Sadhna Broadcast Ltd., through...
Digital Desk: Popular Bollywood actor Arshad Warsi and his wife, Maria Goretti, are among 45 individuals and companies banned by the Securities and Exchange Board of India (SEBI) from participating in the securities market, officials said on Thursday. The decision was taken following an investigation into claims that two companies, Sharpline Broadcast Ltd. and Sadhna Broadcast Ltd., through specific entities, had manipulated share prices by posting misleading videos on YouTube channels.
SEBI discovered that certain persons posted fake and deceptive videos recommending investors to buy shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd for exceptional returns. In addition to Arshad Warsi and Maria Goretti, some Sadhna Broadcast Ltd promoters have been barred from engaging in the securities market.
In addition to the ban, SEBI has seized unlawful earnings totaling 54 crores that the organizations made as a result of misleading videos that were uploaded on YouTube channels. Two separate interim orders detail the investigation's conclusions.
According to the interim order, Arshad Warsi earned Rs 29.43 lakh in profit, Maria Goretti received Rs 37.56 lakh in profit, and Iqbal Hussain Warsi got Rs 9.34 lakh in profit. SEBI has identified a number of people, including these three, as volume creators.
The investigation began after SEBI received allegations claiming that some organizations were engaging in price manipulation and offloading shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd. According to the allegations, misleading videos with deceptive information about the two companies were uploaded in an effort to lure investors.
The price and volume of shares of the two firms increased significantly between April and mid-July 2022, according to a study done by SEBI between April to September 2022. During the second half of July 2022, two YouTube channels called The Adviser and Moneywise posted false and misleading videos regarding Sadhna Broadcast Inc. Similar videos concerning Sharpline Broadcast Ltd were also posted in the second half of May 2022 on the Midcap calls and Profit Yatra YouTube channels.
SEBI divided the entities into categories such as YouTube channel producers, net sellers/promoters and profit makers, volume creators, and information carriers. SEBI claims that these organizations worked together to increase trading activity and investor interest in the shares, disseminate false and misleading YouTube videos, and persuade investors to purchase the shares at inflated prices—all in violation of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations. Collectively, net sellers/promoters and some of the volume creators made extraordinary profits as a result of this scheme.
In the case of Sadhna Broadcast Ltd, SEBI found that the entities' complex strategy, including the unlawful abuse of clearly false and deceptive YouTube videos, resulted in a dramatic increase in the number of small owners, from 2,167 to 55,343, who ended up buying shares at an inflated price. In the case of Sharpline Broadcast Ltd, the number of small owners climbed from 517 to 20,009.
SEBI has banned the 45 organizations from "buying, selling, or dealing in securities in any form whatsoever, either directly or indirectly, until further instructions." Moreover, until the impounded sum is deposited in the escrow account, the entities are not permitted to dispose of any assets, including money in bank accounts, without prior permission from SEBI.
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