The National Stock Exchange of India (NSE), on Wednesday, cautioned investors against deepfake videos of its chief executive office giving stock recommendations. In a release, the NSE said that it has identified deepfake investment and stock advisory videos that have used the face and voice of CEO Ashishkumar Chauhan and also the NSE logo.
“Such videos seem to have been created using sophisticated technologies to imitate the voice and facial expressions of Shri Ashishkumar Chauhan, MD & CEO of NSE,” the exchange said.
NSE said that its officials are not authorised to recommend or deal in any stocks. The video which is being circulated widely on social media platforms, contained false statements intended to mislead investors while also manipulating the stock market.
“Investors are hereby cautioned not to believe in such audios and videos and not follow any such investment or other advice coming from such fake videos or other mediums. It may be noted that NSE’s employees are not authorised to recommend any stock or deal in those stocks,” NSE said in a statement.
Additionally, the exchange also requested the said platforms to take down the videos. As per NSE’s process, any official communication is made only through its official website and the Exchange’s social media handles. It further added, “Everyone is requested to verify the source of communication and content which is sent out on behalf of NSE and to check the official social media handles.”
In August last year, Securities and Exchange Board of India had proposed that stock brokers stay away from financial influencers. Fund house ICICI Prudential Asset Management Company in January had warned investors against deepfake videos of its senior executives recommending stocks. In November, the Indian government warned social media platforms to repeatedly remind users that local laws prohibit them from posting deepfakes and content that spreads obscenity or misinformation.