Raghuram Rajan, former Governor of the Reserve Bank of India (RBI), took to LinkedIn to address investment claims making the rounds on social media in his name. Rajan said that he “never touted individual stocks” and urged people to report perpetrators to authorities.

Raghuram Rajan served as the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016.(Reuters photo)

“I understand there are videos of me on various social media purporting to give advice on investing, especially in individual stocks. These are fake, and the perpetrators should be reported to the relevant authorities. I do not give investment advice to the public, and have never touted individual stocks,” wrote Rajan on LinkedIn.

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He added, “Each individual has their own financial needs and risk appetite.”

“Furthermore, investors are typically better off holding diversified portfolios of bank deposits, bonds, and stocks (through mutual funds and ETFs) rather than buying individual stocks or stock options. You may be extremely lucky and strike it rich, but more likely, you will be a lot poorer following the latter strategy,” he further said.

Rajan concluded, “Please disregard all videos where I tout specific investments.”

Here’s what Raghuram Rajan said on LinkedIn:

Since being shared on June 24 on LinkedIn, Rajan’s post has received significant traction, with one individual saying, “Thanks for sharing your clarification in the matter. Being in the power position, it would be helpful if you could report the issue from your end to the concerned agencies for resolution once and for all.”

“Hi, sir. Even I came across your videos, and the moment I saw I guessed these were fake. Advice to people is to use common sense to identify true and false content on digital platforms and beware of falling prey to new-age digital predators!”

Rajan is a distinguished finance professor at the University of Chicago’s Booth School of Business. He served as the chief economist from 2003 to 2006 and was also the research director at the International Monetary Fund (IMF).

He has also written a few books, including Breaking the Mold: Reimagining India’s Economic Future with Rohit Lamba, The Third Pillar: How Markets and the State Leave the Community Behind, and Fault Lines: How Hidden Fractures Still Threaten the World Economy.