Deepfake videos of the NSE chief misleading investors: What you must know

Have you ever seen the head of the National Stock Exchange (NSE) giving you investment advice? It might be tempting to follow his suggestions, but beware – the video could be fake.

Fake videos circulating

Recently, the NSE has been dealing with fraudulent videos. In a statement on Monday, the exchange revealed that some audio and video clips using the face and voice of its Managing Director and CEO, Ashishkumar Chauhan, are fake. These clips, complete with the NSE logo, have been created using advanced technology to mimic Chauhan’s voice and facial expressions.

The NSE has urged investors not to trust these videos or any investment advice coming from them. It’s important to know that NSE employees are not authorised to recommend stocks or engage in stock dealings.

They also stressed that any official communication from the NSE will be made only through its official website (www.nseindia.com) and verified social media handles (X: @NSEIndia; Facebook: @NSE India; Instagram: @nseindia; LinkedIn: @NSE India; YouTube: NSE India).

What are deepfakes?

Deepfakes are digitally altered videos or audio files created using artificial intelligence to make it appear as if someone said or did something they never actually did. These manipulations pose a serious risk of spreading misinformation and damaging reputations.

Other warnings

On April 18, the Bombay Stock Exchange (BSE) also issued a warning about fake videos featuring its MD and CEO, Sundararaman Ramamurthy, giving false investment advice. Similarly, in August 2023, the Securities and Exchange Board of India (Sebi) advised stock brokers to stay away from financial influencers. ICICI Prudential Asset Management Company also cautioned investors in January 2024 about deepfake videos of its senior executives.

Here are some tips to protect yourself from deepfake scams:

Be sceptical: If you see a video promoting a stock that seems too good to be true, be cautious. Don’t make investment decisions based solely on a video.

Verify the source: Check if the video comes from a reputable news organisation or the company's official website. If not, be wary.

Look for inconsistencies: Even sophisticated deepfakes can have subtle inconsistencies in facial expressions, body language, or voice patterns.

Do your research: Always research a stock thoroughly before investing. Look into the company's fundamentals, financial health, and market trends before making any decisions.