Bombay High Court restrains use of ‘NSE’ mark by fake social media accounts

The Bombay High Court recently barred the use of the registered "NSE" trademark by social media platforms and websites seeking to lure investors with stock tips and market advice. [National Stock Exchange of India Ltd v. John Doe / Ashok Kumar & Ors] 

Justice Sharmila U Deshmukh passed the order in an interim application filed by the National Stock Exchange of India (NSE) in an IP suit alleging misuse of its against unknown persons.

The Court observed that these actions posed a risk of deceiving the public. It was noted that this deception had, on at least one occasion, led to a senior citizen investor losing a significant amount of money through the use of the email/domain "nseservices.in".

“By use of the trade mark ‘NSE', there is every likelihood that the general public would be misled in believing the genuineness of the contents uploaded on the infringing accounts under a belief that the same emanates from NSE," the Court said. 

NSE claimed that numerous fraudulent accounts and channels on social media, including those on X Corp and YouTube, were employing the "NSE" trademark in their account names, handles and videos. 

This content, which featured stock tips, projections and predictions, misleadingly suggested to viewers that it originated from the exchange itself.

The High Court had dealt with a similar case in 2024, where it ordered social media platforms to remove AI‑generated fake videos of NSE’s MD and CEO. That earlier order was later fine‑tuned on May 8, 2025, mainly to align the takedown timelines with the IT Rules, 2021.

In the present case, Justice Deshmukh restrained John Doe entities from infringing and passing off the “NSE” trademark and from misrepresenting any association with NSE. The Court ordered X and YouTube to promptly remove or disable the specified accounts and channels, along with any other infringing accounts or channels that utilise the “NSE” mark or impersonate NSE or its officials. 

This action was ordered to be taken within 36 hours of notification by NSE, provided NSE furnishes the necessary evidence, including URLs, account details, and screenshots.

“Considering the fact that an unsuspecting investor can be drawn into investing substantial amounts based on the contents of the infringing accounts purportedly giving guidance pertaining to the stock market and using the Plaintiff’s registered trade mark, the use of such infringing activity is liable to be restrained in the larger public interest,” the Court ordered. 

The Court clarified that the restraint did not restrict individual expression or financial advice, but such content could not be presented as originating from NSE or by using the registered “NSE” mark.

Itt permitted intermediaries to approach the Court where NSE’s takedown requests concern content that, in their view, does not infringe or indicate association with NSE. 

Senior Advocate Birendra Saraf with Advocates Rohan Savant, Monisha Mane Bhangale, Chandrajit Das, Amishi Sodani and PR Hariharan, briefed by Parinam Law Associates, appeared for NSE. 

Advocates Charu Shukla and Reeti Shetty appeared for Google LLC. 

[Read order]