‘SEBI using AI for probes, violations will lead to problems’, says Kamlesh Chandra Varshney

Kamlesh Chandra Varshney, a whole-time member of SEBI, emphasized the importance of entities staying abreast of technological advancements, as reported by PTI. He mentioned that compliance with regulations would prove advantageous while violations would lead to complications.

Speaking at the 13th international convention of the Association of National Exchanges Members of India, Varshney revealed that SEBI is employing artificial intelligence (AI) for investigations and various other purposes. He stressed that transparency in the market and the absence of manipulation are crucial for the regulator.

Varshney cautioned brokers against market manipulations and urged vigilance to prevent such activities, emphasizing the significance of maintaining investor trust. He acknowledged that while SEBI cannot intervene in all manipulative activities, it expects brokers to remain vigilant as “bad elements” may infiltrate the system.

SEBI has been taking action against entities involved in manipulative practices, including front-running activities, as part of its efforts to curb wrongdoing in the market.

In a recent development reported by PTI on February 20, SEBI announced measures to facilitate ease of doing business and compliance reporting. It directed intermediaries reporting to financial institutions (RFIs) to upload certifications obtained from clients under FATCA and CRS into the system of KYC Registration Agencies (KRAs) starting from July 1. Intermediaries are required to upload existing certifications obtained from clients before July 1, 2024, onto the systems of KRAs within 90 days of implementing the new rule, according to SEBI’s circular.

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