Likewise, such operations are common in many penny stocks. The share price of the company, which was trading between ₹ 1 ₹2 saw massive buying traction, while SEBI investigations revealed that the operators were selling. Cals Refinery was one of the prime examples of such an operation, where the promoters and operators created news flow of the company starting a oil refinery in West Bengal. Such operations are common in small company stocks, which have less volumes. But, due to people’s greed to make quick money and lack of market knowledge, such schemes are flourishing. Arshad Warsi and his wife come in the category of volume creators.Īre such pump-and-dump operations common in the stock market? Any other instances involving other stocks? In its order, SEBI has classified 31 entities i into categories - creator of YouTube channels (Manish Mishra), net sellers/promoters and profit makers, volume creators and information carriers. SEBI found that the promoters and Bollywood actor Arshad Warsi and his wife were offloading shares of the company while indulging in promotional activities. Another video claimed that the company is moving from TV production to movie production and a big American corporation has entered into a contract for ₹1,100 crore to produce four devotional movies, where the money will be brought in by the American investor but the rights will remain with Sadhna. In one of the videos, the accused said that Adani Group will take over Sadhna Broadcast and after the acquisition the company’s margins will improve. SEBI said that promoters of Sadhna Broadcast, and Arshad Warsi, along with Manish Mishra, the creator of YouTube channels Moneywise and The Advisor, recommended that investors buy the company shares and when the price went up they dumped it. What part did Arshad Warsi and his wife play in this scam?

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