NFRA seeks AI-powered solutions to monitor financial reporting quality

New Delhi, Jan 14 (PTI) The National Financial Reporting Authority (NFRA) is looking for artificial intelligence-powered solutions that will help in monitoring and improving the financial reporting quality.

The regulator, in partnership with IndiaAI, has launched the IndiaAI Financial Reporting Compliance Challenge.

"The challenge seeks to produce explainable compliance validation reports, automated analytics for risk indicators, and an AI-enabled insight bot to support the NFRA's mission of safeguarding public trust and investor interests," an official release said on Wednesday.

According to the release, Indian companies and DPIIT-recognised startups are invited to develop an advanced engine capable of extracting data from multi-format documents and validating them against frameworks.

"Participants will compete for a total prize pool of Rs 1.5 crore, with up to ten teams receiving Rs 5 lakh each during a virtual refinement stage and one winner potentially securing a two-year contract with NFRA worth up to Rs 1 crore for national-scale deployment," it said.

The deadline for submitting the applications is February 22. PTI RAM BAL BAL