The exchange has observed that the face and voice of CEO Ashishkumar Chauhan was being falsely used in some investment and stock advisory videos.
National Stock Exchange. (Photo: IANS)
Amid the rising cases of deepfake videos threatening security of individuals from various sectors, the National Stock Exchange on Wednesday cautioned investors against such videos of its chief executive giving stock recommendations.
The exchange has observed that the face and voice of CEO Ashishkumar Chauhan was being falsely used in some investment and stock advisory videos.
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“Such videos seem to have been created using sophisticated technologies to imitate the voice and facial expressions of Ashishkumar Chauhan,” the NSE said.
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It further said its officials are not authorised to recommend or deal in any stocks.
The government has also recently warned its citizens over the rise in fake advertisements. The message cautioned users about fake ads potentially using deepfakes to trick them into scams.
“Beware of fraudulent advertisements of stock market/trading/free tips on social media apps!! They may use deepfake videos and images. Never fall prey to greed. Stay safe from scammers,” the message sent from the government read.
“Report such suspected fraud communications at the Chakshu facility on www.sancharsaathi.gov.in and in case you have already lost money then report on 1930 or www.cybercrime.gov.in. Issued in Public Interest by Govt of India,” the message further said.
In August last year also, the market regulator Securities and Exchange Board of India (SEBI) proposed that stock brokers stay away from financial influencers.
Notably, the fund house ICICI Prudential Asset Management Company also recently warned investors against deepfake videos of its senior executives recommending stocks.
“It has come to our attention that certain unauthorised and maliciously manipulated videos have been disseminated across various online platforms, providing stock recommendations,” it had said.
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