Arshad Warsi and Wife Face SEBI Ban Over Misleading Investment Videos

In a significant move, SEBI has barred Bollywood actor Arshad Warsi and his wife Maria Goretti, along with 57 others, from the securities market for up to five years. This action follows their involvement in promoting misleading YouTube videos that encouraged investments in Sadhana Broadcast shares. Both have been fined Rs 5 lakh, while the regulator has ordered the return of illegal gains totaling Rs 58.01 crore. The investigation revealed connections between the actors and the creators of the deceptive content, raising concerns about market manipulation. Read on to discover the full details of this unfolding story.

By Narendra Chaudhary May 30, 2025, 14:14 IST

SEBI Takes Action Against Bollywood Actor and Others

Mumbai: The Securities and Exchange Board of India (SEBI) has imposed a ban on Hindi film star Arshad Warsi, his spouse Maria Goretti, and 57 other individuals from participating in the securities market for durations ranging from one to five years.

Both Warsi and Goretti have been fined Rs 5 lakh each due to their involvement in a case concerning misleading YouTube videos that encouraged investors to purchase shares of Sadhana Broadcast.

SEBI's investigation revealed that Warsi profited Rs 41.70 lakh, while his wife earned Rs 50.35 lakh from these transactions.

In a statement given to SEBI on June 27, 2023, Warsi admitted to trading not only in his own account but also in the accounts of his wife and brother. Additionally, Aahuti Mistry was identified as his manager.

The regulator also imposed fines ranging from Rs 5 lakh to Rs 5 crore on the other 57 entities involved, including the promoters of Sadhana Broadcast, which is now known as Crystal Business System Ltd. These entities are required to return a total of Rs 58.01 crore in illegal gains, along with 12% interest per annum until payment is made.

SEBI identified Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra as the main orchestrators of this scheme.

Subhash Aggarwal, a director at the RTA of Sadhana Broadcast Ltd, acted as an intermediary between Mishra and the promoters, according to the SEBI order.

Complaints were filed alleging price manipulation and the offloading of shares in SBL. The complaints indicated that misleading YouTube videos were created to attract investors, supported by a significant paid marketing campaign to enhance their reach. Complainants provided links to these videos, channel names, and upload dates.

Upon reviewing the complaints, SEBI found that net sellers of SBL shares were linked to the creators of the misleading YouTube content, which aimed to mislead and entice public investors.

SEBI conducted search and seizure operations at the locations of 15 individuals involved, collecting various documentary and electronic evidence, and recorded statements under oath.