The National Stock Exchange of India (NSE) issued a warning to investors on Wednesday against some investment and advisory videos. The stock exchange in an official release said that the deepfake video is doing the rounds and uses the face and voice of CEO Ashishkumar Chauhan and the NSE logo.
The video shows the CEO sharing stock recommendations. The exchange said that the video has been created using ‘sophisticated technologies to imitate the voice and facial expressions of Shri Ashishkumar Chauhan, MD and CEO of NSE’.
The exchange cautioned investors against believing in such audio and video content and urged them to ‘not follow any such investment or other advice coming from such fake videos or other mediums’. The NSE further said that its employees are not authorised to share any recommendations on particular stocks or deals in the market.
The video has been going viral and is intended to mislead viewers while investing in the market and manipulate the stock market.
Further, the NSE maintained that it is trying to get the videos removed. “NSE makes efforts requesting these platforms to take down these objectionable videos, wherever possible,” the exchange stressed.
The officials also urged investors to conduct their due diligence before investing in the stock market. “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,” the statement read.
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The exchange further stressed that all official communication will be conducted via the NSE website and urged investors to cross check all information from the exchange or its officials.
Notably, the Securites and Exchange Board of India (SEBI) recommended that stock brokers maintain their distance from financial influencers last year in August.