Mumbai, April 24 India's stock exchange BSE Limited on Friday warned investors about the resurfacing of a fraudulent deepfake video circulating on social media and messaging platforms, which falsely shows its Managing Director and CEO, Sundararaman Ramamurthy, purportedly offering stock market tips and investment advice.
Regarding this, the exchange has clarified that the video is entirely fabricated and malicious, using deepfake technology to mislead investors by making false claims of guaranteed and extraordinary returns.
Moreover, the content also urges viewers to invest in select stocks for quick gains and to join private WhatsApp or Telegram groups for so-called 'exclusive' tips.
Meanwhile, BSE said this is the fourth such incident in the past four months, indicating a repeated and concerning pattern of misuse of the institution’s and its MD & CEO’s credibility.
The exchange noted that scammers are increasingly attempting to exploit public trust to target unsuspecting investors.
Reiterating its position, BSE stated that neither Ramamurthy nor any official of the exchange provides stock tips, investment advice, or runs any messaging groups or channels. It termed the circulating content fake, unauthorised, and deliberately deceptive.
In addition, the exchange has urged investors to remain extremely cautious and avoid engaging with, forwarding, or acting upon such videos, messages, or links. It advised the public to rely only on information shared through official BSE channels and SEBI-registered intermediaries.
BSE also highlighted its ongoing investor awareness efforts under SEBI guidance, aimed at educating the public about fraudulent schemes, fake investment advice, and the growing threat of so-called 'finfluencers,' including its recent nationwide campaign on the issue.
The exchange said it is taking swift action to have the content removed and will initiate strict legal proceedings against those responsible.
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