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    SEBI fiat to stock brokers using AI applications

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    SEBI fiat to stock brokers using AI applications
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    New Delhi: Leading stock exchange BSE has asked stock brokers to make quarterly disclosures about compliance with SEBI’s cybersecurity framework by April 15.

    The BSE has asked stock brokers who are using applications based on artificial intelligence (AI) and machine learning (ML) to submit compliance report for January-March 2019 quarter in the format given by SEBI.

    Besides, stock brokers not using AI and ML-based applications are also required to submit the requisite form, BSE said in a notice.

    SEBI directive

    In January, markets regulator Securities and Exchange Board of India (SEBI) had directed stock brokers using applications based on AI and ML to inform whether their system adhered to regulator’s cybersecurity framework or not, among others.

    The stock brokers were asked to report in a prescribed format about the implementation of AI or ML system, safeguards in place to prevent abnormal behaviour of the AI or ML application and whether the system disseminated investment or trading advice or strategies and name of the application, among others.

    The stock brokers are required to “make submissions on quarterly basis within 15 calendar days of the expiry of the quarter,” BSE said in the notice

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