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Notably, Sebi on March 2, 2023 had barred Arshad Warsi and promoters of Sadhna Broadcast from the securities market in a case related to uploading misleading videos on YouTube channels which recommended investors to buy the company’s securities.
The SAT observed that the SEBI order was 'bereft of any evidence' that required the passing of such a strong and harsh order.
SAT held that SEBI had passed the interim order barring Warsi and others from dealing in the securities market, without considering the essential facts.