The Securities and Exchange Board of India (SEBI) has issued a ban on actor Arshad Warsi, his wife Maria Goretti, and 57 others from participating in securities markets, following findings of market manipulation in relation to Sadhna Broadcast shares.
The regulatory body imposed a five-year restriction on certain entities and financial penalties ranging from ₹5 lakh to Rs 5 crore. Warsi and Goretti each face a one-year ban and a Rs 5 lakh fine for their alleged roles in misleading investors through deceptive YouTube videos promoting the stock.
SEBI’s investigation revealed an orchestrated scheme where parties artificially inflated stock prices through coordinated trading before using digital platforms to push investment recommendations. The regulatory body has ordered the involved entities to return illicit earnings, estimated at Rs 58.01 crore, along with accrued interest.
Prominent individuals in the scheme have been named, including stock market figures and company promoters, with SEBI citing evidence of premeditated fraud. The case highlights growing concerns over unethical stock market promotions and signals increased scrutiny on social media-based financial advice.
