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‘SEBI using AI for probes, violations will lead to problems’, says official
Kamlesh Chandra Varshney, a whole time member of SEBI, said that the entities must keep track of all the technological developments.
The Securities and Exchange Board of India (SEBI) is now using artificial intelligence (AI) for investigations, a senior official of the market regulator has said.
Kamlesh Chandra Varshney, a whole time member of SEBI, said that the entities must keep track of all the technological developments, PTI reported. Varshney added that abiding with the law will be more beneficial and violations will spell problems.
Speaking at the 13th international convention of the Association of National Exchanges Members of India, the SEBI whole time member said,"We are using Al for investigations... and also using for a lot of things".
He added that as long as the market is transparent and no manipulation is taking place, it is fine with the regulator.
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‘Need to be careful about stock market manipulation’: SEBI to brokers
Varshney has cautioned the brokers against stock market manipulations and urged them to keep an eye to prevent such instances. Stressing on the importance of investor trust, he said,"Manipulations are going on and Sebi cannot intervene in all of them. Some brokers are involved and the broker community should keep an eye as "bad elements can come into the system".
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Clamping down on misdoings, the markets watchdog has been taking action against various entities for manipulations, including front-running activities.
On February 20, the market regulator had announced measures to promote ease of doing business and compliance reporting, directing intermediaries, who are reporting to financial institutions (RFI), to upload the certifications under FATCA and CRS obtained from the clients in the system of KYC Registration Agencies (KRAs) from July 1, PTI had reported.
The existing certifications obtained from clients prior to July 1, 2024 will be uploaded by the intermediaries onto the systems of KRAs within a period of 90 days of implementation of the new rule, Sebi said in its circular.
(With PTI inputs)
