Now, BSE Warns Investors Of Deepfake Video Giving Investment Advice

A few days after the National Stock Exchange (NSE) of India cautioned investors against a deepfake video of its CEO, Ashishkumar Chauhan, giving stock recommendations, the Bombay Stock Exchange (BSE) joined in with a similar cautionary announcement. 

On April 18, the BSE issued a circular expressing alarm over the proliferation of fake videos and audio impersonating its MD and CEO, Sundararaman Ramamurthy.

These recordings, crafted with advanced technology, falsely show people pretending to be posing as BSE’s MD and CEO, Sundararaman Ramamurthy, offering inaccurate investment recommendations and stock advice.

“It has come to our notice that some fake, unauthorised and fraudulent videos and audios created through innovative and ingenious technology impersonating BSE’s MD and CEO, Sundararaman Ramamurthy are being circulated on social media recommending certain investments and advisory in stocks/shares,” as per the notice issued by BSE.

Additionally, the BSE notice added that its MD & CEO does not initiate or endorse any such communication through Facebook or any other social media platform. It strongly advises investors and the public against trusting such videos and audio, urging them not to follow fake recommendations or unsolicited communications circulated through deceptive means impersonating the BSE MD & CEO.

“BSE will initiate all possible steps to prevent misrepresentation by unknown elements. In the meantime, investors/public are urged not to join any group on social media platforms impersonating BSE or its officials and also not rely on any stock/share recommendation,” the notice added.Besides, BSE employees are not permitted to recommend or promote any transactions in stocks/shares.

The stock exchange emphasised that official communications from BSE are exclusively conducted through www.bseindia.com and BSE’s social media accounts: @bseIndia on Instagram, @bseIndia on Facebook, @BSEIndia on LinkedIn, @BSEIndia on Twitter, and @BSEworldBSEIndia on YouTube.

Similarly, NSE cautioned investors on April 10 about the circulation of fake videos featuring the face and voice of CEO and MD Ashishkumar Chauhan on the internet. In a press release by Reuters, the stock exchange advised vigilance against these videos and encouraged investors to verify information through official communication channels.

“Such videos seem to have been created using sophisticated technologies to imitate the voice and facial expressions of Ashishkumar Chauhan,” the NSE said at the time.

The development comes after actor Ranveer Singh lodged an FIR against an AI-generated deepfake video doing the rounds on social media in which he is purportedly heard voicing his political views.

In the video, Singh was seen criticising Prime Minister Narendra Modi and insisting viewers to think about “justice” before casting their votes in the upcoming elections. 

With the rise of tech misuse, both the government and industry are working on better safeguards. PM Modi is pushing for global AI rules to address this.

Further, in March, tech major Google partnered with fact-checkers and news publishers to curb the spread of deepfakes ahead of the Lok Sabha elections. 

In December, Union Minister Rajeev Chandrasekhar said that the government will “keep an eye” on the remedial measures taken by the platforms on the advisories related to deepfakes.