Mumbai: The Bombay High Court has directed social media platforms and domain registrars to remove fake accounts and websites impersonating the National Stock Exchange (NSE).

The order came on a petition moved by NSE alleging trademark infringement and passing off against a person identified as John Doe. It also named X Corp and Google LLC as well as administrators of WebsiteBeing, Namecheap and GoDaddy as respondents.

Passing off in intellectual property rights law refers to a false representation that is likely to induce a person to believe that goods or services are those of another.

“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 (NSE) registered trademark, the use of such infringing activity is liable to be restrained in the larger public interest,” Justice Sharmila Deshmukh said in her 21-page order.
In its April 10 order, the court granted ad interim relief to NSE in the trademark suit and directed intermediaries, including X and Google LLC, which owns YouTube, to remove infringing content in line with the IT Rules.

Senior counsel Birendra Saraf, along with Parinam Law Associates, appeared for NSE and argued that defendants X Corp and Google-owned YouTube are intermediaries on whose platforms unknown persons have infringed NSE’s registered trademark by creating and operating fake social media accounts.
The counsel said the fake videos misrepresent to the public that the accounts and their content originate from NSE. NSE also argued that the administrators of WebsiteBeing operate the website www.nsetrend.com, which infringes its registered trademark by using the mark in the URL and replicating the exchange’s distinct colour scheme to suggest an association.

Appearing for Google LLC, Charu Shukla argued that while the plaintiff has identified certain YouTube channels, not all content on these channels relates to the stock market, with some being music channels, despite using NSE’s trademark.

“These channels have been in existence for a long time and have thousands of subscribers, and before any order can be passed, it would be appropriate if notice is issued to the YouTubers so that they can respond to the same,” argued the counsel for Google.

The benchmark S&P 500 and the tech-heavy Nasdaq each rallied to their third record close in a row on Friday, while the blue-chip Dow marked its highest finish since late February, as investors cheered Iran’s decision to open the Strait of Hormuz and were optimistic it could reach a deal with the United States to end their war.

Iranian Foreign Minister Abbas Araqchi said in a post on X that passage ‌for all commercial vessels ⁠through the ⁠Strait of Hormuz was “completely open” after a ceasefire agreement in Lebanon. This followed U.S. President Donald Trump’s announcement that talks could take place this weekend between Tehran and Washington and that they could soon secure a peace agreement to end the Iran war, which has left thousands dead since the U.S. and Israel launched joint strikes on Iran on February 28. While statements from both sides left uncertainty over how quickly shipping could resume, U.S. crude oil prices tumbled more than 11%, alleviating inflation concerns. The Strait of Hormuz is a vital waterway for global energy transportation.

“The concern about oil putting the world into a slowdown diminishes as it’s onward and upward for a possible final deal,” said Bob Doll, CEO of Crossmark, who noted that while there is still no signed U.S.-Iran deal, “it ⁠looks like ‌it’s heading in a direction that’s enough for the market to go up.”

The technology-heavy Nasdaq Composite gained 365.78 points, or 1.52%, to 24,468.48, for its 13th consecutive advance, marking its longest winning streak since 1992.

The Dow Jones Industrial Average rose 868.71 points, or 1.79%, to 49,447.43, ⁠the S&P 500 gained 84.78 points, or 1.20%, to 7,126.06.

Unofficially, for the week, the S&P 500 gained 4.53%, the Nasdaq rose 6.84%, and the Dow climbed 3.2%.
ENERGY STOCKS SLIDE AS OIL TUMBLES The small-cap Russell 2000 outperformed large-cap gains, closing up 2.1%, and also registered a record closing high after it earlier hit its first intraday record high since the war erupted. “Energy prices coming down has a bigger impact on small caps because they have tighter margins,” said Nick Johnson, CEO and CIO of Willis Johnson & Associates, adding, “it’s starting to become clear that the U.S. and Iran want to see this behind them.”

Among the S&P 500’s 11 major industry sectors, energy was the biggest loser, ending down 2.9%, with Exxon Mobil, down 3.6%, and Chevron, 2.2%, creating the benchmark’s second and third biggest drags on the day.

The biggest gainer was consumer discretionary, which ‌finished up just under 2%, with cruise operators leading its advances. Royal Caribbean jumped 7.3% while Carnival rose 7%. Industrials was the second strongest sector, finishing up 1.8% with airline United Airlines up 7%, and leading its percentage gains.

CAUTION PERSISTS ON STRAIT PASSAGE Still, some analysts cautioned that logistical challenges remain for shippers.

“Ship operators still ⁠face astronomical war-risk insurance premiums, potential mine hazards, and uncertainty about enforcement,” said Erik Bethel, general partner at maritime-focused investment firm Mare Liberum. The S&P’s biggest drag was from Netflix, which tumbled 9.7% after forecasting current-quarter earnings below expectations. The company also announced the exit of co-founder and longtime Chairman Reed Hastings, ending a 29-year tenure.

Alcoa shares ended down 6.8% after the aluminum producer reported first-quarter profit and revenue below analysts’ estimates, citing elevated costs and softening demand.

Advancing issues outnumbered decliners by a 4.03-to-1 ratio on the New York Stock Exchange, where there were 623 new highs and 46 new lows. On the Nasdaq, 3,685 stocks rose and 1,183 fell as advancing issues outnumbered decliners by a 3.11-to-1 ratio. The S&P 500 posted 49 new 52-week highs and no new lows.

Volume was relatively strong on U.S. exchanges, where 20.29 billion shares changed hands, compared with the 19.12 billion moving average for the last 20 sessions.

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