The Securities and Exchange Board of India (“SEBI”) vide a circular dated May 9, 2019 (“Circular”), has introduced a new reporting process for all registered mutual funds offering or using applications or systems deemed to be based on Artificial Intelligence (“AI”) and Machine Learning (“ML”) technology (as defined in Annexure B to the Circular).
The Circular has been introduced in view of the increasing usage of AI and ML as product offerings by market intermediaries and participants in investor and consumer facing products. Following are the key terms of the Circular:
- Scope
- Regulatory requirements
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