The Securities and Exchange Bureau of India (SEBI), the nation's stock market's governing body, has permanently barred popular Bollywood actor Arshad Warsi and his wife Maria Goretti Warsi, along with 43 others from the securities market. After looking into claims of share price manipulation by two companies, Sharpline Broadcast Ltd and Sadhna Broadcast Ltd, who were discovered to be manipulating the stock prices through deceptive YouTube videos, SEBI made the decision to ban the husband-wife duo from the stock exchange.
The promoters of the firm who have been prohibited from participating in the securities market are Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal, and Varun Media. Together with 43 other people, Arshad Warsi, and Maria Goretti were discovered to have taken part in the YouTube stock market scam.
Maria Goretti Warsi, who is she?
Before being married to Bollywood star Arshad Warsi, Maria Goretti Warsi worked as an MTV VJ. Goretti used to anchor the programme Do It Sweet on the NDTV Good Times channel. Apart from this Maria and her son Ezekiel Warsi also had a cameo in the film Salaam Namaste.
Arshad Warsi and Maria Goretti first met in 1991 and married in 1999.
What is the YouTube stock market scam?
SEBI barred up to 45 persons from the stock market after discovering that some companies were using YouTube videos to manipulate the stock market. Investors acquired shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd for large gains after the businesses allegedly aired false videos on YouTube.
According to SEBI's interim ruling, these YouTube videos spread inaccurate and misleading information, advising investors to buy stocks of the mentioned companies for spectacular returns.
The companies allegedly generated a profit of over Rs 54 crore from the deceptive films put on YouTube, while Arshad Warsi received a profit of Rs 29.43 lakh and his wife earned a profit of Rs 37.56 lakh by serving as the promoters of the company.
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