Deepfakes have been a serious concern in the recent times, especially as they have become very difficult to recognize. Many people trying to manipulate prices of certain stocks, have used social media to circulate fake news or videos. One such incident has recently been reported.

The National Stock Exchange (NSE) issued a cautionary statement on Wednesday, April 10, regarding the proliferation of counterfeit audio and videos featuring its MD and CEO, Ashish Kumar Chauhan, purportedly recommending specific stocks across social media platforms in recent days.

The NSE highlighted instances where Chauhan's likeness, voice, and the stock exchange's emblem were employed in various investment and advisory multimedia clips, deceitfully generated using advanced technological means.

In an official communique, the stock exchange elucidated that these videos appeared to be the product of sophisticated techniques aiming to mimic the voice and facial expressions of Shri Ashish Kumar Chauhan, MD & CEO of NSE.

Furthermore, it urged investors to exercise caution and refrain from placing trust in such audio and video content, advising against acting upon any investment or advisory counsel emanating from these spurious sources.

Emphatically, the NSE affirmed that its personnel are not sanctioned to advocate for specific stocks or engage in their trading activities.

Moreover, the NSE disclosed its ongoing efforts to enlist the cooperation of various social media platforms in removing these objectionable videos wherever feasible.

In addition to urging investors to authenticate the source and content of communications purportedly emanating from NSE, the stock exchange emphasized the importance of monitoring its official social media channels for accurate and verified information.

This cautionary advisory comes in light of recent incidents involving the dissemination of deepfake videos featuring ICICI Prudential Mutual Fund's Managing Director, Nimesh Shah, ostensibly providing stock recommendations for the current year via advertisements on Facebook.

According to a report by CNBC-TV18, these videos were generated using voice cloning software, with ICICI Prudential AMC confirming to the website that Nimesh Shah had not made any such stock recommendations. The report further noted that the Facebook videos appeared to be edited excerpts from an interview the fund manager had given to Outlook Money.