Image Credit: Reuters

Mumbai: The National Stock Exchange (NSE) has issued an advisory cautioning investors not to fall for fake or Artificial Intelligence generated deep fake videos of its MD and CEO, Ashishkumar Chauhan, recommending stocks.

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In an official statement, NSE urged investors to exercise vigilance and rely only on verified information, sourced directly from the Exchange's official channels. The advisory highlighted that certain deceptive videos, employing sophisticated technology to mimic voice and facial expressions of Chauhan, have surfaced online, disseminating false investment advice under the guise of endorsement by the NSE.

"It may be noted that NSE's employees are not authorised to recommend any stock or deal in those stocks. Additionally, NSE makes efforts requesting these platforms to take down these objectionable videos, wherever possible," said a release by the NSE.

The advisory by NSE emphasized its communication protocol, affirming that all official announcements are exclusively made through its website, www.nseindia.com, and its verified social media handles.

NSE strongly advised investors to verify the authenticity of any communication purportedly originating from NSE or its officials by cross-referencing with the official channels provided: Twitter (@NSEIndia), Facebook (@NSE India), Instagram (@nseindia), LinkedIn (@NSE India), and YouTube (NSE India).

The cautionary note comes amidst growing concerns over the proliferation of fake news and misinformation targeting unsuspecting investors in the financial markets.

Recently many videos of big businessmen including Reliance Chairman Mukesh Ambani and others were circulating on social media recommending stocks to buy and giving business advice, all such videos are fake and generated by Artificial Intelligence.

Financial market regulator SEBI had in January this year asked the top 100 listed companies by market capitalisation (size) effective from June 1, 2024, to verify and confirm or deny and give clarity in cases of market rumours.

Exchange keep track of news items that float about companies and are not disclosed by the respective companies. They also track and check if investors invest in such companies based on unverified news items. In case, the news is unverified, exchanges typically ask the company to confirm or deny the news items.