Sadhna Broadcast: SEBI bans actor Arshad Warsi, 58 others from markets for up to 5 years
The Hindu
SEBI bars Arshad Warsi, wife, and 57 others for misleading YouTube videos promoting Sadhna Broadcast shares.
Markets regulator SEBI has barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities from the securities markets for one to five years in a case related to misleading videos on YouTube channels recommending investors to buy shares of Sadhna Broadcast.
The regulator imposed a fine of ₹5 lakh each on Mr. Warsi and Ms. Goretti. The couple were restrained by the markets watchdog from the securities market for 1 year, as per an order passed by SEBI on Thursday (May 29, 2025).
SEBI has also levied penalties of ₹5 lakh to ₹5 crore on 57 other entities, including promoters of Sadhna Broadcast (now Crystal Business System Ltd).
Apart from the debarment, SEBI directed these 59 entities to disgorge total unlawful gains worth ₹58.01 crore along with 12% interest per annum jointly and severally from the end of the investigation period till the date of actual payment.
SEBI noted that Arshad had made a profit of ₹41.70 lakh and his wife earned a profit of ₹50.35 lakh.
In the final order, SEBI found that the masterminds behind this whole operation were Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra. Subhash Aggarwal, who also happened to be a director of the RTA of Sadhna Broadcast Ltd (SBL), acted as the go between Manish Mishra and the promoters, the order stated.
These individuals were the central characters who planned and executed the manipulative scheme, SEBI said.
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