Once celebrated for his comic timing on screen, Arshad Warsi is now making headlines for a far less flattering role—this time in a real-life financial drama. The Securities and Exchange Board of India (SEBI) has barred Warsi, his wife Maria Goretti, and a cast of 57 others from accessing the securities market, citing their role in a textbook “pump and dump” scheme involving Sadhna Broadcast Limited (SBL).
SEBI’s year-long ban comes after a deeper probe revealed the couple’s trades were anything but coincidental. According to the regulator, the Warsis were executing trades in concert with one Manish Mishra, the alleged mastermind behind the scam. WhatsApp chats, fund transfers, and synchronized stock purchases laid bare their coordination, dousing any claim of naïveté.
Back in March 2023, SEBI had issued an interim order freezing their market activity, which was partially lifted by the Securities Appellate Tribunal (SAT) weeks later. But now, with the final order in place, the market doors are firmly shut on them again—this time for real.
The scam, spanning March to November 2022, was elaborate. It began with price manipulation through synchronized trades, followed by a splashy YouTube blitz promoting SBL as the next big thing—complete with tall tales of a 5G license, an Adani buyout, and price predictions soaring up to ₹340 per share. The videos, promoted via Google Ads, weren’t just marketing—they were bait. And thousands of unsuspecting investors took it.
By July 2022, under Mishra’s guidance, Arshad purchased over 3.29 lakh shares, Maria nearly matched that, and his brother Iqbal chipped in with over 82,000—each trade executed at ₹12.08. These trades weren’t just suspect; they were scripted.
The result? While retail investors were left holding the bag, SEBI calculated the illegal profits—₹41.70 lakh for Arshad, ₹50.35 lakh for Maria, and ₹12.61 lakh for Iqbal. The trio must now return the gains with 12% interest and cough up ₹5 lakh each in penalties, all within 45 days.
SEBI rejected claims that the actors were unaware or inexperienced, citing consistent trading patterns, shared accounts, and digital trails. The final verdict was clear: this wasn’t a misunderstanding—it was manipulation.
The glamour of the silver screen may endure, but the market has given its verdict—and this story ends not with applause, but with a regulatory hammer.
