Beware of deepfake of CEO recommending stocks, says National Stock Exchange

India's National Stock Exchange (NSE) on Wednesday cautioned investors against deepfake videos of its chief executive giving stock recommendations.

The exchange, the largest in the country, issued the warning after observing that the face and voice of CEO Ashishkumar Chauhan was being falsely used in some investment and stock advisory videos.

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

The exchange said its officials are not authorised to recommend or deal in any stocks.

India's equity markets are trading at record highs and retail participation has risen sharply in recent years, prompting regulatory concerns about financial influencers using social media platforms to draw investors.

In August last year, market regulator Securities and Exchange Board of India proposed that stock brokers stay away from financial influencers.

Fund house ICICI Prudential Asset Management Company in January 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," the fund house said, distancing itself from the videos.

In November, the Indian government warned social media platforms to repeatedly remind users that local laws prohibit them from posting deepfakes and content that spreads obscenity or misinformation.