By Admin 
Sadhna Broadcast Stock Manipulation Case: The Securities and Exchange Board of India (SEBI), on charges of misleading the stock market investors, banned Bollywood actor Arshad Warsi from doing business for a year. But now the Securities Appellate Tribunal (SAT) has given relief to SEBI’s decision.
In the order given on 31 July, SAT said that along with Arshad Warsi, his wife Maria Gratti and brother Iqbal Warsi are also given relief. However, for this, everyone will have to deposit 60 lakh rupees in the escrow account.
SAT Bench President Justice PS Dinesh Kumar said during the hearing that after the interim order of 2023, already Rs 40,66,760 has been deposited. In such a situation, now Arshad Warsi will have to deposit only Rs 19,33,240 more to fulfill the condition. The next hearing of this case will be held on 15 September.
What is the whole matter?
SEBI had said in an order on 29 May 2023 that 64 people including Arshad Warsi, his wife Maria Gratti, Bhai Iqbal Warsi allegedly rigged the stock market in the Sadhana Broadcast Stock Manipulation case. SEBI imposed a fine of Rs 5 lakh on Arshad Warsi and banned him from the security market for a year.
In the Sadhana Broadcast Stock Manipulation case, there has been a big disclosure during SEBI investigation. According to the investigation report, Arshad Warsi and his wife Maria Gratti are accused of advising investors to buy shares of Sadhana Broadcast through YouTube channels. SEBI says that the stock market investors were misled by promotion made on these channels. Illegal earnings of lakhs of rupees were made through this scheme.
Investigation revealed that Arshad Warsi made a profit of Rs 41.70 lakh and his wife made a profit of Rs 50.35 lakh. For this reason, SEBI has imposed a fine of Rs 5-5 lakh on both and banned them from doing business in the stock market for one year. However, now SAT has stopped the order of SEBI at the moment and the next hearing will be held on 15 September.
Also read: Arshad Warsi will not be able to earn profits from the stock market for 1 year, due to this SEBI has taken strong action