After Facebook, BSE attempts to curb ‘faking’ news with new artificial intelligence
Bombay Stock Exchange, on Monday introduced a data analytics based systemic solution that relies on artificial intelligence mechanism to track news related to listed companies on digital media using social media.
“The primary objective of verification is that the mechanism will detect and mitigate potential risks of market manipulation, rumour, and reduce information asymmetry arising from it on digital media platforms, including social media. It provides accurate information involving listed companies and BSE through the exchange website for the benefit of investors,” the stock exchange said.
BSE said that the solution employs an advanced level combination of statistical modeling and big data analytics that will protect investor sentiments.
BSE currently offers a variety of facilities which include a portal “Listing Center” enabling the listed companies to file their disclosures in an electronic manner via XBRL webpage.
The online reporting was introduced in order to bring in more accuracy, efficiency and was in in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
“Alerts generated by this social media solution will be closely monitored by BSE from the standpoint of material information and also vis-à-vis possible rumours appearing in various media including print and on-line channels as per SEBI regulations. Any differences observed therein are required to be explained by the companies, and their responses are then disseminated on the Exchange website for the benefit of investors and market participants for taking informed decisions,” BSE said.
After many stories that appeared on people’s timelines on the wrong outcome of the US elections, Facebook’s CEO, Mark Zuckerberg detailed plans to stop the spread of false news on his social media platform for good.
“As a regulated stock exchange, BSE continuously strives for bringing in various policy initiatives and measures in a pro-active manner and has, in the recent past, undertaken various regulatory policy and systemic measures for enhanced due-diligence, surveillance, corporate governance in the Indian capital markets to comply with SEBI regulations,” BSE said.