As we know, there are many sentiments, emotions, and fear in Stock Market. More often than not, few dishonest elements deploy these factors to bring in mock demand/ supply of particular stocks and merchandises which bring illegal profits for their companies.
Rumours and misrepresentation causes such ripples which can overcome the small-time investor and can collapse all his funds. Bombay Stock Exchange (BSE), India’s oldest and world’s fastest stock exchange has self-proclaimed the social media platform to plug false news and stop rumours. Now BSE is serious and targeting the very medium which breeds false stories and rumors.
BSE Holds Big Data to Kill Rumours
Using geometric modelling and big data analytics, BSE has hired a control mechanism which will monitor and track the news about all listed companies on social media. There are more than 5500 listed companies on Bombay Stock Exchange (BSE), every news items published and circulated either in offline or online would be now tracked, monitored and checked for reality.
Explaining about the mechanism, Bombay Stock Exchange said, “The primary objective of verification is that the tool will notice and moderate possible risks of market manipulation, rumor and reduce information irregularity stand up from it on digital media platforms including social media.”
BSE also said, “It will use and enhance advanced technologies innovations to track social media”
News has to be confirmed by Companies
According to the reports, BSE management has formed an internal inspection team, which will receive data from this control mechanism, powered by Big Data and statistical modeling. This team will check the news, and in a case of any difference. The concerned listed company will be opposed, and answers would demand.
The updated information, explanation, and reasons would be timely updated on the source of a news website and/ or the concerned company’s website so that investor can make an informed decision.