Mumbai: The National Stock Exchange of India Ltd (NSE) on Tuesday refuted claims circulating in media reports, regarding the appointment of Siddharth Kotak as the exchange’s AI Promotion Chairman.
The exchange clarified that the news is “entirely baseless and was published without any official authorisation”.
“We want to make it clear that no individual named Siddharth Kotak has been appointed as AI Promotion Chairman at NSE. The news being circulated is fake and misleading,” NSE said in a statement.
The stock exchange also urged investors, stakeholders and the general public to avoid relying on this false information, advising everyone to remain cautious and verify such news from authentic sources.
NSE said it has been actively working on an advanced AI trading system. This system aims to use cutting-edge algorithms and real-time data analytics to help investors make better decisions, reduce trading risks, and attract global investments to India’s markets.
The new AI trading system is expected to be rolled out across key trading venues in India over the next two years. NSE is also planning educational programs to help retail investors understand the benefits and workings of this technology.
India has been increasing its investment in financial technologies like AI and blockchain, as part of its efforts to digitise the economy.
Experts believe AI trading will play a crucial role in boosting the global competitiveness of India’s capital markets and driving economic growth.
Meanwhile, total unique investors’ base (unique PANs) on the NSE crossed the 11-crore mark for the first time, and total client accounts registered with the exchange now stands more than 21 crore, it was announced last week.
Investor registrations at the NSE experienced acceleration in recent year due to surge in stock market participation, with 3.6 times jump in the last five years. It took 14 years from the NSE’s commencement of operations in 1994 to reach 1 crore investors.
(IANS)
