The National Stock Exchange (NSE) on Wednesday cautioned investors to not fall prey to deepfake videos of its MD and CEO Ashishkumar Chauhan giving stock recommendations.

NSE is India’s largest stock exchange and it remained the world’s largest derivative bourse for the fifth year in a row in 2023 by the number of contracts traded.

In July 2022, Chauhan had assumed charge as the managing director and CEO of NSE. He was previously the MD and CEO of the BSE.

In a statement, the bourse said that it has observed the use of the face or voice of Chauhan and the NSE logo in a few investment and advisory audio and video clips falsely created using technology.

Such videos seem to have been created using sophisticated technologies to imitate the voice and facial expressions of Chauhan, it added.

“Investors are hereby cautioned not to believe in such audio and videos and not follow any such investment or other advice coming from such fake videos or other mediums,” the NSE said.

The video comes at a time benchmark indices are ruling at record highs following strong participation from domestic investors. This includes retail individuals who directly invest into stocks and also funnel money into SIPs (systemic investment plans) of mutual funds.

NSE added that its employees are not authorised to recommend any stock or deal in those stocks.