Mumbai: Actor Arshad Warsi, his wife Maria Goretti, and his brother have been barred from participating in the stock market for one year by the Securities and Exchange Board of India (SEBI) over their involvement in a stock manipulation scheme.

SEBI's investigation found that Warsi were part of a broader plan to artificially inflate the price of Sadhna Broadcast Ltd (now Crystal Business System Ltd), allowing the accused to offload their holdings at a profit, misleading retail investors in the process.

As part of the action, SEBI imposed a penalty of ₹5 lakh each on the couple and directed them to return illegal gains amounting to ₹1.05 crore.

The regulatory body identified Manish Mishra as a key figure in orchestrating the scheme, using deceptive YouTube content and paid promotions to generate investor interest. SEBI cited WhatsApp conversations between Mishra and Arshad Warsi, which allegedly show Mishra offering to transfer ₹25 lakh each to the bank accounts of Warsi, his wife, and his brother.

Although the Warsis claimed in their defence that they were new to trading and unaware of the scheme, SEBI observed that Arshad was actively involved in trading from multiple accounts, including those of his wife and brother.

In addition to the action against the Warsis, SEBI has penalised 57 other individuals and entities, including the promoters of the company. Total unlawful gains of ₹58.01 crore were ordered to be returned, along with 12% interest per annum.