Arshad Warsi, wife banned from India stock market by SEBI over YouTube fraud

Indian actor Arshad Warsi and 45 others have been barred bythe Securities and Exchange Board of India (SEBI)from taking part in the securities market. The decisionwas made following an examination into claims that two firms, Sharpline Broadcast Ltd. and Sadhna Broadcast Ltd., through certain entities, had manipulated share prices by posting misleading videos on YouTube channels, as per reports.

The Indian stock market watchdog discovered that certain people uploaded videos containing false and misleading advice for investors to purchase shares of Sharpline Broadcast Ltd. and Sadhna Broadcast Ltd. in order to make extraordinary profits.

In addition to the ban, SEBI has confiscated illegal earnings totaling Rs 54 crore that the organisations made as a result of deceptive videos that were published on YouTube channels. The results of the inquiry are described in two distinct interim orders.

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Once SEBI received complaints stating that some entities were manipulating prices and selling shares of Sadhna Broadcast Ltd. and Sharpline Broadcast Ltd., an inquiry was launched

Until further orders, SEBI has prohibited the 45 firms from "buying, selling, or dealing in securities either directly or indirectly, in any manner whatsoever." Furthermore, until the seized funds are put in the escrow account, the firms have been instructed not to part with any assets, including cash in bank accounts, without first obtaining SEBI's consent.

(With inputs from agencies)

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