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YouTube Stock Manipulation: SEBI cracks down on Arshad Warsi and Wife Maria Goretti Wars

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

YouTube Stock Manipulation: The Securities and Exchange Board of India (SEBI) has cracked down on a YouTube-run share pump-and-dump operation, indicating that the regulator is closely monitoring the social media space and is looking for players who are duping retail investors by providing misleading information.

Intriguingly, Bollywood actor Arshad Warsi and his wife Maria Goretti Warsi have both been fined in connection with the case, in which a group of players is accused of making illegal gains totaling Rs 41.85 crore.

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Warsi profited Rs 29.43 lakh, while his wife profited Rs 37.56 lakh, according to the market regulator’s calculations. SEBI has ordered that the actor couple’s and other defendants’ profits be impounded and retained. These gains occurred between April 27 and September 30 of last year.

 

SEBI has barred actor Arshad Warsi, his wife, and 29 others from participating in a stock manipulation scheme.

The ‘Money Wise’ YouTube channel was behind a stock pump and dump scheme.

They together pumped ‘Sadhna Broadcast’ shares, created hype and dumped it.

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These entities include the creators of the YouTube Channels (Moneywise, The Advisor, MidCap Calls, and Profit Yatra), who are classified as Misleading Message Disseminators (MMD), as well as Net Sellers (NS) and profit makers, i.e., individuals who held shares of the entities at the start of the examination period and traded in and net sold shares during the examination period.

The interim orders were issued following a year-long investigation into investor complaints that alleged YouTube channels were being used to influence them to buy specific stocks.

According to SEBI, these entities used deceptive YouTube videos to create “false content” on specific stocks, generating artificial interest. This was followed by paid marketing campaigns to increase reach.

In just one quarter, the number of small shareholders increased from 2,167 to 55,343 in one stock. The number of small shareholders in a second stock increased from 517 to 20,009, according to SEBI’s investigation.

 

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