Crores of people invest in mutual funds.
Mumbai:
The Securities and Exchange Board of India (SEBI) is building an artificial intelligence (AI) tool to detect mis-selling of mutual funds. SEBI Chairperson Madhavi Puri Buch gave this information on Tuesday. Giving an example of mis-selling, he said that recently a 90-year-old man was sold a product with a lock-in period of seven years. He said the algorithm would help catch such cases.
Also read this
“We are working to prevent mis-selling that may be done by mutual fund distributors, agents or anyone else,” Buch said at the fourth Global FinTech Fest here.
He acknowledged that this is a very complex problem, which requires AI to overcome.