Synopsis
The National Stock Exchange of India Ltd (NSE) has denied media claims about Siddharth Kotak's appointment as the AI Promotion Chairman, asserting the news is baseless. NSE is focusing on developing an advanced AI trading system and educational programs for investors.Key Takeaways
- NSE refutes Siddharth Kotak's AI role.
- Claims termed completely unfounded.
- NSE working on advanced AI trading system.
- AI aims to enhance investor decision-making.
- Unique investor base surpasses 11 crore.
Mumbai, Jan 28 (NationPress) The National Stock Exchange of India Ltd (NSE) on Tuesday dismissed claims that have been circulating in media reports, suggesting that Siddharth Kotak was appointed as the exchange’s AI Promotion Chairman.
The exchange stated that the news is completely unfounded and was disseminated without any official approval.
“We wish to emphasize that no one by the name of Siddharth Kotak has been designated as AI Promotion Chairman at NSE. The information being shared is false and deceptive,” NSE expressed in a statement.
The stock exchange also called on investors, stakeholders, and the general populace to refrain from trusting this misleading information, urging everyone to stay vigilant and confirm such news from reliable sources.
NSE mentioned that it is actively developing an advanced AI trading system. This system intends to leverage state-of-the-art algorithms and real-time data analytics to assist investors in making more informed choices, minimizing trading risks, and attracting international investments to India’s financial markets.
The new AI trading system is projected to be implemented across major trading platforms in India within the next two years. NSE is also preparing educational initiatives to aid retail investors in grasping the advantages and functioning of this technology.
India has been amplifying its investment in financial technologies like AI and blockchain, as part of its strategy to digitize the economy.
Experts predict that AI trading will be pivotal in enhancing the global competitiveness of India’s capital markets and fostering economic development.
In the meantime, the total unique investor base (unique PANs) on the NSE has surpassed the 11-crore threshold for the first time, and the total client accounts registered with the exchange now exceed 21 crore, it was reported last week.
Investor registrations at the NSE have seen rapid growth in recent years due to an upsurge in stock market involvement, with a 3.6 times increase in the last five years. It took 14 years since NSE began operations in 1994 to achieve 1 crore investors.
