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Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by Mutual Funds

rd of Trustees of Mutual Funds / Association of Mutual Funds in India (AMFI) Subject: Dear Sir / Madam, Background 1. There is increasing usage of AI (Artificial Intelligence) and ML (Machine Learning) as product offerings by market intermediaries and participants (e.g.: robo advisors ) in investor and consumer facing products. SEBI is conducting a survey and creating an inventory of the AI / ML landscape in the Indian financial markets to gain an in-depth understanding of the adoption of such technologies in the markets and to ensure preparedness for any AI / ML policies that may arise in the future. 2. As most AI / ML systems are black boxes and their behavior cannot be easily quantified, it is imperative to ensure that any advertised fin .....

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utual Funds using AI / ML based application or system as defined in Annexure B, are required to fill in the form (Annexure A) and make submissions on quarterly basis within 15 calendar days of the expiry of the quarter to AMFI. 7. AMFI shall consolidate the information on AI / ML applications and systems reported by Mutual Funds on quarterly basis and submit to SEBI at email id AIML_MF@sebi.gov.in within 30 calendar days of the expiry of the quarter, starting from quarter ending June 2019. 8. AMFI shall ensure that confidentiality is maintained regarding the information received by them from Mutual Funds. 9. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, .....

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revent abnormal behavior of the AI or ML application / System? 13 Is the AI / ML system included in the scope of system audit, if applicable? 14 Is there any adverse comment in the system audit regarding the AI / ML system? If yes, details of the adverse comments may be provided. Annexure B - Systems deemed to be based on AI and ML technology Applications and Systems belonging but not limited to following categories or a combination of these: 1. Natural Language Processing (NLP), sentiment analysis or text mining systems that gather intelligence from unstructured data. - In this case, Voice to text, text to intelligence systems in any natural language will be considered in scope. E.g.: robo chat bots, big data intelligence gathering systems .....

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