With half of Sebi's AI projects to facilitate faster approvals, the regulator looks to ensure no IPO document exceeds three months from the date of application
Sebi Chairperson Madhabi Puri Buch talked about the increasing use of artificial intelligence (AI) at the market regulator for speeding up processes and boosting efficiency, according to a Moneycontrol report.
“At SEBI, we today have around a dozen projects on AI,” the report quoted Buch as saying at the annual board meeting of the Association of Mutual Funds in India (AMFI). “Half of them are to facilitate faster approvals and faster provisions.”
The adoption and use of AI can significantly help the regulator become more responsive and dynamic, the report read.
"Now we are looking at IPOs so that no IPO document exceeds three months from the first date of application. All of this is the magic of technology," Buch said. “If we continue the work we are doing, there is no stopping the wealth creation of the country."
This comes after Buch spoke about the use of AI for the purpose of clearing IPO draft prospectuses at the FICCI Annual Capital Market Conference this August.
"We have already implemented Artificial intelligence (AI) for processing public documents, for example the REIT or InvIT annual report," she said, adding that 80% of the processing work at Sebi is done through AI.
"We are working on AI-based processes of IPO documents but with the assurance of the investor that we have looked through it," Buch said at the conference.
Source Name : Hindustan Times