SAT reserves Sebi order against Arshad Warsi in pump-and-dump case

The regulator had barred the actor and his wife for manipulation of Sadhna Broadcast shares via YouTube videos

The Securities Appellate Tribunal (SAT) on Friday reserved its order in a case involving manipulation of stocks through dubious YouTube videos. The tribunal also objected to Securities and Exchange Board of India’s (Sebi’s) move to freeze bank accounts of alleged violators.

In an ex-parte order issued on March 2, had barred a total of 31 entities, including actor Arshad Warsi, for alleged stock manipulation of micro-cap company Sadhna Broadcast.

The counsels representing Warsi, while denying the allegations, argued that they did not appear in any of the YouTube videos nor did they promote them. However, they did affirm the connection with YouTube