Apart from banning them for one year, SEBI also imposed a fine of ₹5 lakh on some people and ordered confiscation of illegal earnings of Rs 1.05 crore. This action was taken for tampering with the shares of Sadhna Broadcast Limited.
Share market regulator SEBI has banned Bollywood actor Arshad Warsi, famous as Circuit, his wife and his brother from the securities market for 1 year. Apart from Arshad Warsi, SEBI has also banned 58 other people from the market. SEBI says that these people have been found involved in fraudulent activities in the market.
Apart from banning them for one year, SEBI has also imposed a fine of Rs 5 lakh each on some people and has also ordered the confiscation of illegal earnings of Rs 1.05 crore. This action has been taken for tampering with the shares of Sadhna Broadcast Limited. SEBI says that these people used to increase the share price of the company arbitrarily and sell them at high prices i.e. pump and dump.
Who All Earned How Much From The Scam
Gaurav Gupta emerged as the biggest gainer who earned Rs 18.33 crore largely through pump and dump. Meanwhile, Sadhna Bio Oil Pvt Ltd also made a profit of Rs 9.41 crore. SEBI has ordered the return of these illegal profits as part of its action.
SEBI has imposed several types of fines, including a fine of Rs 5 crore on Manish Mishra. Apart from this, a fine of Rs 2-2 crore has been imposed on many people including Gaurav Gupta. A fine of Rs 1 crore has been imposed on Jatin Manubhai Shah in addition to returning the profit earned.
How They Were Running This PUMP & DUMP SCAM
The scheme involved a pump and dump scheme in which misleading YouTube videos were used to inflate the price of SBL shares before the promoter sold his stake. The full details of this fraudulent modus operandi are given in the SEBI investigation which ran from March 8, 2022 to April 30, 2022. SEBI has found a pet marketing ploy to lure unsuspecting investors.
5 YouTube Channels has been identified
In a significant disclosure, Saving A has identified five YouTube channels namely Advisor Mid Cap, Call Profit Yatra, Money Vision and India bullish that were involved in spreading misinformation. These channels played a role in promoting the fraud of SBL, thereby increasing the scrutiny of those involved.
WhatsApp Chat has been recovered Between Arshad Wari And Manish Mishra
WhatsApp chats between Manish Mishra and Arshad Warsi revealed that Warsi was about to transfer ₹25 lakh to his wife and his brother. The SEBI order includes a 5-year ban on seven individuals and a 1-year ban on 54 others, which indicates the gravity of the offences. The agency’s action highlights its commitment to maintaining the integrity of the market.