Bollywood actor Arshad Warsi known for his acting in hits like ‘Munna Bhai MBBS’ has been banned from participating in the stock market.
The market regulator Securities and Exchange Board of India (SEBI) has banned the actor for alleged price manipulation. Warsi who is also a You Tuber makes videos on share market.
SEBI in a statement has said that Arshad Warsi used to artificially inflate values of certain shares through the videos on You Tube. However, Warsi has denied the allegations claiming that he had no knowledge about the stock exchange.
SEBI said that YouTube channels The Advisor and Moneywise which are owned by influencer Manish Mishra used celebrities to recommend stocks of two companies to retail investors.
The videos allegedly shared false and misleading information about Sharpline Broadcast and Sadhna Broadcast, asking the investors to buy their shares, SEBI said.
As per reports Warsi and his wife and former TV host Maria Goretti earned a profit nearly Rs 66 lakh.
Warsi among others who are allegedly involved in the scam have been ordered to deposit the profits they earned within a period of 15 days with a lien created in favour of SEBI.
