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Events / Regulatory / Securities and Exchange Board of...
Regulatory market manipulation

Securities and Exchange Board of India Bans Sadhna Broadcast Manipulators

Analysis based on 7 articles · First reported May 30, 2025 · Last updated May 30, 2025

Sentiment
-70
Attention
6
Articles
7
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The market is impacted by increased regulatory scrutiny on pump-and-dump schemes, potentially deterring similar fraudulent activities. The ban and penalties on 59 entities, including Arshad Warsi and Maria Goretti, highlight the risks of participating in such schemes and reinforce investor protection measures by India — Securities and Exchange Board of India.

financial services media
Event Summary

The India — Securities and Exchange Board of India (India — Securities and Exchange Board of India) has banned Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities from the securities markets for 1-5 years. This action stems from their involvement in a pump-and-dump scheme related to Sadhna Broadcast shares. The scheme involved two phases: first, connected entities artificially inflated Sadhna Broadcast's share price through collusive trading, and second, misleading promotional videos were disseminated on YouTube channels operated by Manish Mistry to lure retail investors. Arshad Warsi and Maria Goretti were fined Rs 5 lakh each and directed to disgorge profits of Rs 41.70 lakh and Rs 50.35 lakh, respectively. India — Securities and Exchange Board of India also levied penalties ranging from Rs 5 lakh to Rs 5 crore on the other 57 entities and ordered the disgorgement of total unlawful gains worth Rs 58.01 crore with 12% interest. Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mistry were identified as the masterminds, with Bhavish Aggarwal, Aayush Agarwal, Mike Sharma, and Jatin Shah playing facilitating roles. The investigation by India — Securities and Exchange Board of India followed complaints received between July-September 2022.

Key Actions
100 Gaurav Gupta executed pump-and-dump Sadhna Broadcast
100 Rakesh Kumar Gupta executed pump-and-dump Sadhna Broadcast
90 India — Securities and Exchange Board of India barred from markets
90 India — Securities and Exchange Board of India directed disgorgement
80 Manish Mistry executed pump-and-dump Sadhna Broadcast
60 Aayush Agarwal facilitated manipulative accounts
60 Mike Sharma facilitated manipulative accounts
60 Jatin Shah played leading role
Entities Involved
priv
Sadhna Broadcast
Sadhna Broadcast was the target of a pump-and-dump scheme, where its share prices were artificially inflated through collusive trading and misleading promotional videos.
Importance 100.0 Sentiment -90.0
govactor
India — Securities and Exchange Board of India
India — Securities and Exchange Board of India investigated and issued orders banning 59 entities, imposing fines, and directing disgorgement of unlawful gains in the Sadhna Broadcast pump-and-dump scheme.
Importance 90.0 Sentiment 70.0
per
Gaurav Gupta
Gaurav Gupta was identified as one of the masterminds behind the manipulative scheme involving Sadhna Broadcast shares.
Importance 80.0 Sentiment -90.0
per
Manish Mistry
Manish Mistry was identified as one of the masterminds behind the manipulative scheme and operated YouTube channels used to disseminate misleading videos about Sadhna Broadcast.
Importance 80.0 Sentiment -90.0
per
Rakesh Kumar Gupta
Rakesh Kumar Gupta was identified as one of the masterminds behind the manipulative scheme involving Sadhna Broadcast shares.
Importance 80.0 Sentiment -90.0
per
Arshad Warsi
Arshad Warsi was banned from securities markets for 1 year and fined Rs 5 lakh for his involvement in a pump-and-dump scheme, profiting Rs 41.70 lakh.
Importance 70.0 Sentiment -80.0
per
Maria Goretti
Maria Goretti was banned from securities markets for 1 year and fined Rs 5 lakh for her involvement in a pump-and-dump scheme, profiting Rs 50.35 lakh.
Importance 70.0 Sentiment -80.0
per
Jatin Shah
Jatin Shah played a leading role in operationalizing the pump-and-dump scheme for Sadhna Broadcast shares.
Importance 60.0 Sentiment -70.0
per
Mike Sharma
Mike Sharma, owner of a Delhi franchise of a stockbroker, facilitated accounts for the manipulative designs of Manish Mistry and Sadhna Broadcast promoters.
Importance 60.0 Sentiment -70.0
per
Bhavish Aggarwal
Bhavish Aggarwal, a director of Sadhna Broadcast's RTA, acted as a go-between for Manish Mistry and the promoters in the manipulative scheme.
Importance 60.0 Sentiment -70.0
per
Aayush Agarwal
Aayush Agarwal, a dealer at Choice Broking, facilitated accounts for the manipulative designs of Manish Mistry and Sadhna Broadcast promoters.
Importance 60.0 Sentiment -70.0
per
Ashwani Bhatia
Ashwani Bhatia, a whole-time member of India — Securities and Exchange Board of India, issued the order detailing the pump-and-dump scheme.
Importance 50.0 Sentiment 60.0
priv
Varun Media Private Limited
Varun Media Private Limited, a promoter entity of Sadhna Broadcast, is subject to disgorgement directions despite pending insolvency proceedings.
Importance 40.0 Sentiment -50.0
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