{"id":286237,"date":"2023-03-04T18:00:10","date_gmt":"2023-03-04T12:30:10","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=286237"},"modified":"2023-03-04T16:12:40","modified_gmt":"2023-03-04T10:42:40","slug":"sebi-restrained-promoters-sadhna-enterprises-including-arshad-warsi-wife-entities-from-buying-selling-dealing-in-securities-market-violating-provisions-of-sebi-act-sebi-pfutp-regulations-for-luring-i","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/04\/sebi-restrained-promoters-sadhna-enterprises-including-arshad-warsi-wife-entities-from-buying-selling-dealing-in-securities-market-violating-provisions-of-sebi-act-sebi-pfutp-regulations-for-luring-i\/","title":{"rendered":"SEBI imposes penalty on Arshad Warsi and his wife & 29 other entities; Bars from Securities Market for practicing fraudulent & unfair trade practices"},"content":{"rendered":"
\n

On 2-3-2023, the Securities and Exchange Board of India (‘SEBI’) restrained the promoters of Sadhna Enterprises including Arshad Warsi along with other 29 entities from buying, selling or dealing in the securities market for violating the provisions of the SEBI Act, 1992<\/a> and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2022 (‘PFUTP Regulations’) for luring the investors by uploading misleading videos on YouTube.<\/p>\n

Facts:<\/b><\/p>\n

SEBI received complaints wherein it was alleged that there was price manipulation and offloading of shares by entities in the scrip of television channel Sadhna Broadcast.<\/p>\n

It was alleged that misleading YouTube videos with false content, backed by paid marketing campaign worth crores of rupees for additional reach, were being uploaded to lure investors. Once these unsuspecting investors entered the scrip, the said entities allegedly offloaded their holding at an inflated price.<\/p>\n

The two YouTube channels on which the misleading videos were uploaded were “The Advisor” and “Moneywise”.<\/p>\n

The alleged profits made after the videos were uploaded were computed and recorded. According to which Arshad Warsi gained Rs. 29.43 lakh and his wife made a profit of Rs. 37.56 lakh.<\/p>\n

Violations:<\/b><\/p>\n

    \n
  1. \n

    According to Section 12-A<\/a> of the SEBI Act, 1992<\/a>, no person should manipulate\/ deceive\/ fraud any person in connection with issue\/ dealing in securities, in contravention of the provisions of the Act.<\/p>\n<\/li>\n

  2. \n

    According to Section 3 of PFUTP Regulations, 2022, no person should buy\/ sell\/ deal in securities in fraudulent manner.<\/p>\n<\/li>\n

  3. \n

    Regulation 4 of PFUTP Regulations, 2022 prohibits manipulative, fraudulent and unfair trade practices.<\/p>\n<\/li>\n<\/ol>\n

    Observations & Analysis:<\/b><\/p>\n

    SEBI observed that the videos contained false and deceptive statements about the growth story and future prospects of the company. The videos recommended investors to buy the scrip to earn substantial profits.<\/p>\n

    It was also observed that all of the Noticees participated in the perpetration of the alleged fraudulent scheme.<\/p>\n

    SEBI noted that “Fraudulent and manipulative practices distort fair price discovery thereby defeating one of the basic purposes of an organized securities market<\/i>”.<\/p>\n

    Order:<\/b><\/p>\n

    SEBI restrained the noticees from buying, selling or dealing in securities either directly or indirectly, in any manner whatsoever until further orders.<\/p>\n

    Further, SEBI directed that the proceeds in the bank accounts of the Noticees to be impounded to the extent of their liability. SEBI directed the Noticees to open an escrow account with a Scheduled Commercial Bank and deposit the impounded amount mentioned therein within 15 days from the date of service of this Order.<\/p>\n

    SEBI directed the banks where Noticees are holding bank accounts, to ensure that no debits are made in the said bank accounts without the permission of SEBI.<\/p>\n

    SEBI further directed All the Noticees not to dispose of or alienate any assets, whether movable or immovable, or create any interest or charge on any of such assets held in their name, jointly or severally, including money lying in bank accounts except with the prior permission of SEBI until the impounded amount is deposited in the escrow account.<\/p>\n

    [Sadhna Broadcast Limited, In Re, WTM\/AN\/ISD\/ISD-SEC-1\/24333\/2022-23, dated 2-3-2023.<\/span>]<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    On 2-3-2023, the Securities and Exchange Board of India (‘SEBI’) restrained the promoters of Sadhna Enterprises including Arshad Warsi along with other <\/p>\n","protected":false},"author":67515,"featured_media":286246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[55772,44720,32415,2563,3506,7811],"class_list":["post-286237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-arshad-warsi","tag-fraudulent-practices","tag-pfutp-regulations","tag-SEBI","tag-unfair_practices","tag-violation"],"yoast_head":"\nSEBI imposes penalty on Arshad Warsi and his wife & 29 other entities; Bars from Securities Market for practicing fraudulent & unfair trade practices | SCC Times<\/title>\n<meta name=\"description\" content=\"On 2-3-2023, the Securities and Exchange Board of India (\u2018SEBI\u2019) restrained the promoters of Sadhna Enterprises including Arshad Warsi along\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/04\/sebi-restrained-promoters-sadhna-enterprises-including-arshad-warsi-wife-entities-from-buying-selling-dealing-in-securities-market-violating-provisions-of-sebi-act-sebi-pfutp-regulations-for-luring-i\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI imposes penalty on Arshad Warsi and his wife & 29 other entities; 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(Presiding Officer) and Meera Swarup (Technical Member), of Securities Appellate Tribunal,\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-969.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":349247,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/05\/31\/sebi-ban-arshad-warsi-sadhna-broadcast-stock-scam-legal-news\/","url_meta":{"origin":286237,"position":1},"title":"SEBI bans actor Arshad Warsi and others in a textbook case of \u2018pump and dump\u2019 scam orchestrated through false narratives on digital media","author":"Arunima","date":"May 31, 2025","format":false,"excerpt":"SEBI emphasized that the integrity of the securities market is sacrosanct and any attempt to mislead investors, however novel or tech-enabled, would be dealt with strictly under the law.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":276455,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/11\/01\/mehulc-choksi-restrained-securities-prohibited-accessing-securitiesmarket-10years-penalty-5crores-indulging-fraudulent-unfair-tradepractices-securitiesandexchangeboardofindia-sebi-legal-research-updat\/","url_meta":{"origin":286237,"position":2},"title":"SEBI bans Mehul Choksi from securities market for 10 years and imposes a penalty of Rs. 5 crores for indulging in fraudulent and unfair trade practices","author":"Editor","date":"November 1, 2022","format":false,"excerpt":"\u00a0 \u00a0 Securities and Exchange Board of India: Mehul C. Choksi has been restrained from buying, selling or dealing in securities and is prohibited from accessing securities market for a period of 10 years with a penalty of Rs. 5 crores for indulging in fraudulent and unfair trade practices. Facts:\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":238481,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/04\/sebi-fraudulent-misstatements-in-financial-statements-will-amount-to-misrepresentation-unfair-trade-practice-under-regulation-42-of-sebi-pfutp-regulations-2003\/","url_meta":{"origin":286237,"position":3},"title":"SEBI | Fraudulent misstatements in financial statements will amount to misrepresentation \/unfair trade practice under Regulation 4(2) of SEBI PFUTP Regulations, 2003","author":"Editor","date":"November 4, 2020","format":false,"excerpt":"\u00a0Securities Exchange Board of India: G. Mahalingam, Whole-time member retrained the promoters of the Dewan Housing Finance Limited i.e. DHFL from accessing the securities market. Dewan Housing Finance Limited (\u201cDHFL\u201d) was incorporated on April 11, 1984, and registered with National Housing Bank (NHB) under Section 29A of the National Housing\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":325628,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/03\/sebi-prohibition-of-fraudulent-and-unfair-trade-practices-relating-securities-market-amendment-regulations-2024\/","url_meta":{"origin":286237,"position":4},"title":"SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2024","author":"Editor","date":"July 3, 2024","format":false,"excerpt":"The 2024 regulations have been notified to amend certain provisions of Chapters I and II in the 2003 regulations.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":217753,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/06\/sat-disgorgement-without-restitution-doesnt-serve-any-purpose-appellants-compensated-as-an-investor-protection-measure\/","url_meta":{"origin":286237,"position":5},"title":"SAT | “Disgorgement without restitution doesn’t serve any purpose”, appellants compensated as an investor protection measure","author":"Bhumika Indulia","date":"August 6, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT):\u00a0Justice Tarun Agarwala (Presiding Officer), Dr C.K.G. Nair (Member), and Justice M.T. Joshi (Judicial Member) allowed an appeal challenging an order by SEBI. The appellants, who are husband and wife, challenged the order of the Whole Time Member (\u2018WTM\u2019) of SEBI. They invested Rs 18,25,041 in buying\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/286237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=286237"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/286237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/286246"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=286237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=286237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=286237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}