Getting BSE Stock Recommendations? BIG Update for Investors, Traders
Photo : PTI
The Bombay Stock Exchange (BSE) recently issued a warning cautioning investors against the circulation of deepfake videos featuring its MD and CEO, Sundararaman Ramamurthy, purportedly giving stock recommendations. In an official statement released on Thursday, the exchange revealed its observation of fake, unauthorized, and fraudulent videos and audios utilizing advanced technology to impersonate the BSE’s top executive. These manipulated media pieces are being disseminated across social media platforms, falsely advocating certain investments and stock advisory.
The BSE clarified that its managing director and chief executive officer neither initiates nor endorses any such communications via Facebook or any other social media channel. Furthermore, the exchange urged investors to exercise caution, advising against placing trust in such fabricated videos and audios, as well as refraining from following fake recommendations or unsolicited communications disseminated through deceptive methods impersonating Ramamurthy. Additionally, the exchange asserted its commitment to taking all necessary measures to combat misrepresentation by unidentified parties.
“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. BSE also advises investors/public to exercise caution and not to engage or re-circulate such fraudulent messages and not to share any personal and/or confidential information, financial or otherwise,” the exchange said.
As per the BSE, any official communication is made only through its official website and the exchange’s social media handles. Further, the exchange has asked investors to verify the source of communication before making their decisions. It may be noted that BSE’s employees are not authorised to recommend any stock or deal in those stocks.
On April 10, NSE also issued a cautionary statement against deepfake videos of its MD and CEO Ashishkumar Chauhan giving stock recommendations.
Deepfakes are manipulated videos or other digital representations that use artificial intelligence to create cogent videos or audio of individuals they never did or said, posing a risk of spreading misinformation and damaging their reputation.
(PTI Inputs)
