NSE Chief Ashish Chauhan Is the Newest Victim of Deepfake 'Stock Recommendation' Videos
Moneylife Digital Team 10 April 2024
Over the past few days, some videos have been circulating on social media in which Ashaishkumar Chauhan, managing director and chief executive officer (MD&CEO) of the National Stock Exchange (NSE), is seen recommending some stocks for investment. However, the Exchange says all these videos are deepfakes created using new technology.
 
In a clarification, the Exchange says, "Such videos seem to have been created using sophisticated technologies to imitate the voice and facial expressions of Mr Chauhan, MD&CEO of NSE."
 
"Investors are hereby cautioned not to believe in such audio and videos and not follow any such investment or other advice coming from such videos or other mediums. It may be noted that NSE's employees are not authorised to recommed any stock or deal in those stocks," NSE added. 
 
The Exchange says it is making efforts to request platforms to take down these objectionable videos wherever possible. It also requested everyone to verify the source of communication and content sent out on behalf of NSE. 
 
Mr Chauhan's case, however, is not the first in which scammers use deepfake videos for investment advice. Earlier, videos of Ratan Tata and NR Narayana Murthy, the two well-respected business leaders surfaced where they were heard recommending a certain investment scheme or the use of a particular investing platform. It obviously created ripples across the country. 
 
Both Mr Murthy and Mr Tata went public, requesting people not to believe the deepfakes. What is worrying is that they are not the only victims of deepfake videos circulated on social media. 
 
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