BSE CEO Deepfake Prompts Investor Alert Over Stock Scams

ECONOMY

Overview

Bombay Stock Exchange alerted investors Monday to a deepfake video impersonating CEO Sundararaman Ramamurthy, offering fraudulent stock tips and promising huge profits. The exchange is pursuing removal and legal action against the unauthorized content, urging vigilance. This follows similar warnings issued in April.

BSE Ltd issued a stern warning Monday to investors regarding a fabricated deepfake video circulating on social media. The video falsely features Managing Director & CEO Sundararaman Ramamurthy providing unauthorized stock recommendations and investment advice.

The exchange stated the misleading video promises extraordinary profits by 2027, urging viewers to join a WhatsApp channel. It specifically highlights fabricated statements like achieving ₹8 million by 2027. BSE emphasized that neither Ramamurthy nor any official is permitted to offer stock tips.

Regulatory Action

BSE confirmed it is actively taking steps to remove the fraudulent content from social media platforms and initiate legal proceedings against the perpetrators. The exchange characterized the video as unauthorized, doctored, and fabricated using advanced deepfake technology.

Investor Guidance

Investors were strongly advised to disregard such deceptive videos, messages, or links. They should rely solely on official communications from BSE and advice from SEBI-registered intermediaries for market information. This issue echoes similar cautions from BSE and the National Stock Exchange (NSE) in April concerning deepfake videos targeting their chief executives.

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