Sebi chairperson Madhabi Puri Buch has said the stock market watchdog is working on AI-based processing of IPO documents and has already started using the technology in some of its work.
Addressing the FICCI 21st Annual Capital Market Conference, Buch said, "We are developing the technology. We have already implemented Artificial intelligence (AI) for processing public documents, for example, the REIT or InvIT annual report."
She said that 80 per cent of the processing work is already being 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," the Securities and Exchange Board of India chairperson said.
While talking about exercising numerous inspections and circulars on corporate papers she stated, "My understanding is that we have combined NSE, BSE, depository, and Sebi inspections. That was done four or five years ago."
“Our regulation keeps pace with innovation, otherwise we will be like policemen in Hindi movies.... where after the hero and villain have finished fighting (we will arrive) ... (but) we need to arrive at some point," she added.
Buch said that Sebi is in the process of finalising two new innovations -- one of them a combo product of rights issue and preferential allotment, as well as a demystified offer document.
"One of the innovations you are going to see very soon, that we have a positive response for is a combo product of a rights issue and a preferential allotment," she said.
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