IndiaAI, an Independent Business Division (IBD) under the Digital India Corporation (DIC) of the Ministry of Electronics and Information Technology (MeitY), in collaboration with the National Financial Reporting Authority (NFRA), launched the IndiaAI Financial Reporting Compliance Challenge.

This initiative, part of the IndiaAI Application Development Initiative (IADI), aims to democratise the benefits of AI by inviting Indian startups and companies to develop a robust, scalable AI engine that automates the verification of financial documents against regulatory frameworks.

The challenge seeks to address compliance gaps by developing an AI-powered engine capable of extracting text, tables, hyperlinks, embedded data and financial data from multi-format document sources in scanned and digital versions, segmenting them into logical, header-based sections, and validating each section’s completeness, integrity, and compliance against a pre-defined framework.

Exciting Prizes for Challenge Participants:

Up to the top 10 shortlisted teams may be shortlisted for the Virtual Challenge Round, wherein they will receive Rs 5 Lakhs each, and will be required to refine their solution on a sample dataset, provided via AIKosh.

Up to 3 Shortlisted teams may be invited to a 5-day on-premises development round in New Delhi to refine their solution.

1 winning team may secure a work contract worth up to Rs 1 Crore to deploy their solution for NFRA for a period of two years.

This challenge represents a strategic effort to build a scalable regulatory technology infrastructure for India, ensuring public trust and investor protection through transparent financial reporting.