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SAT reserves order on Arshad Warsi’s appeal against SEBI ban

The Securities Appellate Tribunal has reserved its order following an appeal filed by actor Arshad Warsi and several others on May 17. The matter pertains to a ban imposed by the Securities and Exchange Board of India over the upload of several YouTube videos recommending investors to buy shares of Sadhna Broadcast.

The interim order suggested that Warsi had made a profit of 29.43 lakh while his wife Maria Goretti earned a profit of 37.56 lakh. The actor had however denied the allegations, insisting that the duo had next to no knowledge about stocks.

“Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many others, lost all our hardearned money,” he had tweeted earlier this month.

The probe had begun after Sebi received complaints alleging that certain entities were engaging in price manipulation and offloading shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd. The regulatory body had directed the impounding and retaining of the purported profits made by the actor and others named in the ban order. Reportedly, those gains were made between April 27 and September 30 last year.

(With inputs from agencies)

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