The country’s stock market’s governing body, the Securities and Exchange Bureau of India (SEBI), 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 the claims of manipulation of share prices by two companies, Sharpline Broadcast Ltd and Sadhna Broadcast Ltd, which were discovered to be manipulating share prices through misleading YouTube videos, SEBI has banned the husband-wife duo. It was decided to ban from the stock exchange.
The promoters of the firm who have been barred from participating in the securities market are Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Agarwal and Varun Media. Arshad Warsi and Maria Goretti, along with 43 others, were discovered to have participated in the YouTube stock market scam.
Maria Goretti Warsi, who is she?
Before marrying Bollywood star Arshad Warsi, Maria Goretti Warsi worked as an MTV VJ. Goretti used to anchor the program Do It Sweet on NDTV Good Times Channel. Apart from this, Maria and her son Ezekiel Warsi also did a cameo in the film Salaam Namaste.
Arshad Warsi and Maria Goretti first met in 1991 and got married in 1999.
What is YouTube Stock Market Scam?
SEBI banned 45 people from the stock market after it found that some companies were using YouTube videos to manipulate the stock market. Investors snapped up shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd for big gains after the businesses allegedly broadcast false videos on YouTube.
As per SEBI’s interim ruling, these YouTube videos spread false and misleading information, advising investors to buy shares of the mentioned companies for handsome returns.
The companies allegedly made a profit of over Rs 54 crore from the misleading films uploaded on YouTube, while Arshad Warsi received a profit of Rs 29.43 lakh and his wife made a profit of Rs 37.56 lakh by serving as promoters of the company .