NSE Denies Siddharth Kotak's Appointment as AI Promotion Chairman
National Stock Exchange of India Ltd., denied reports in the media on the appointment of Siddharth Kotak as its AI promotion chairman. In its statement, it termed the news 'completely baseless' and said that it was published without any official sanction.
"NSE would like to categorically state that no individual named Siddharth Kotak has been appointed as AI Promotion Chairman at NSE. The reports being circulated are fake and misleading", the exchange said, asking investors, stakeholders, and the public to ignore the false information. The NSE reiterated the need for authenticating news from the original sources.
In the statement, the NSE also mentioned its continued efforts in AI as part of its future strategy. The exchange is developing an advanced AI trading system that utilizes cutting-edge algorithms and real-time data analytics to assist investors in making informed decisions and minimize trading risks while attracting global investment to India's financial markets.
The new AI trading system is going to be released on major trading venues in India in the next two years. The commitment of NSE towards AI has also prompted plans for education programs that are to help retail investors grasp this technology and how it could add benefits.
India has made sizeable investments in financial technologies like AI and blockchain, in tune with the government's push for digitizing the economy and capital markets in a way that they become more global in comparison.
In related news, the NSE reported a milestone last week, when the total unique investor base crossed the 11-crore mark for the first time. The total client accounts registered with the exchange now stand at more than 21 crore, marking an acceleration in investor registrations over recent years. This surge in participation is attributed to growing stock market involvement, with a 3.6-fold increase in the past five years alone.
