NFRA Seeks Advanced AI Tools for Strengthening Financial Reporting Standards

The National Financial Reporting Authority (NFRA), in collaboration with India AI, has introduced an artificial intelligence–based challenge aimed at strengthening the quality of financial reporting and enhancing compliance oversight. Through this initiative, NFRA is seeking AI-driven solutions that can assist in monitoring, analysing, and improving financial reporting practices.


Titled the India AI Financial Reporting Compliance Challenge, the programme focuses on developing explainable compliance validation reports, automated risk indicator analytics, and an AI-enabled insight bot to support NFRA’s objective of protecting investor interests and maintaining public confidence, as stated in an official release issued on Wednesday.
 

As per the release, Indian companies and startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) are invited to build an advanced solution capable of extracting information from documents in multiple formats and validating the data against prescribed regulatory frameworks.
 

Participants will compete for a total prize pool of ₹1.5 crore. Up to ten teams will receive ₹5 lakh each during the virtual refinement stage, while one winning team may be awarded a two-year contract with NFRA valued at up to ₹1 crore for nationwide implementation. The last date for submission of applications is February 22.