The Bombay Stock Exchange (BSE) alerted investors on Thursday, April 18, about fake videos and audio spreading on social media. These recordings show people pretending to be BSE MD and CEO Sundararaman Ramamurthy, wrongly advising on certain stocks. A week after the National Stock Exchange (NSE) issued a warning about fake videos impersonating its chief, the BSE followed suit with a similar announcement. The stock exchange issued a circular, expressing worry over counterfeit videos and audio impersonating Mr Sundararaman Ramamurthy. These recordings, created using advanced technology, provide inaccurate investment recommendations and stock advice on social media.
The circular issued by the exchange highlighted, “It has come to our notice that some fake, unauthorised and fraudulent videos and audios created through innovative and ingenious technology impersonating BSE’s Managing Director and Chief Executive Officer, Mr Sundararaman Ramamurthy (BSE MD & CEO) are being circulated on social media recommending certain investments and advisory in stocks/shares.”
The stock exchange affirmed its commitment to taking all necessary measures to prevent fraudsters from misrepresenting themselves. The BSE has cautioned investors and the public against joining any social media groups where individuals impersonate the BSE or its officials.
The exchange issued a cautionary statement, urging individuals to exercise caution and avoid engaging with or distributing fraudulent messages. They also advised against divulging personal or confidential financial details. The BSE recommended verifying the source of communication before making any decisions.
BSE staff members are not allowed to endorse or promote any stock transactions.
The stock exchange emphasised that official communications from BSE are exclusively conducted through www.bseindia.com and BSE’s social media accounts: @bseIndia on Instagram, @bseIndia on Facebook, @BSEIndia on LinkedIn, @BSEIndia on Twitter, and @BSEworldBSEIndia on YouTube.
NSE cautioned investors on April 10 about the circulation of fake videos featuring the face and voice of CEO and MD Ashishkumar Chauhan on the internet. In a press release, the stock exchange advised vigilance against these videos and encouraged investors to verify information through official communication channels.
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