Arshad Warsi replies after SEBI ban, says 'zero knowledge of stocks, lost hard earned money'

Arshad Warsi, an actor, and Maria Goretti, his wife, are in a soup. In a case involving the uploading of deceptive videos on YouTube channels advising viewers to buy the company's shares, the Securities and Exchange Board of India (SEBI) reportedly banned several entities, including Arshad, Maria, YouTuber Manish Mishra, and promoters of Sadhna Broadcast - Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal, and Varun Media - from the securities market in connection with the publication of deceptive videos on YouTube channels urging viewers to purchase the company's shares.

Arshad Warsi and Maria Goretti each made a profit of Rs 29.43 lakh and Rs 37.56 lakh, respectively, according to the interim order. Arshad, however, urged everyone not to believe the gossip on Twitter. He added that neither he nor his wife understand the stock market.

Arshad's reply

In the post he wrote, "Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many others, lost all our hardearned money."

SEBI's examination

SEBI conducted an examination from April-September 2022 and found that there was a significant increase in the price and volume of shares of the two companies between April and mid-July 2022. False and misleading videos about Sadhna Broadcast were uploaded on two YouTube channels, ‘The Advisor’ and ‘Moneywise’, during the second half of July 2022. Similar videos about Sharpline Broadcast were uploaded on two YouTube channels, ‘Midcap Calls’ and ‘Profit Yatra’, in the second half of May 2022.