About the IndiaAI Mission

IndiaAI, an Independent Business Division (IBD) under the Digital India Corporation (DIC) of the Ministry of Electronics and IT (MeitY), serves as the implementation agency of the IndiaAI Mission. This mission aims to democratise the benefits of AI across all strata of society, bolster India’s global leadership in AI, foster technological self-reliance, and ensure the ethical and responsible use of AI. As part of this mission, the IndiaAI Application Development Initiative (IADI) is dedicated to promoting the development, deployment and adoption of AI applications in critical sectors that have the potential to catalyse large-scale socio-economic transformation.

IndiaAI Financial Reporting Compliance Challenge

In partnership with the NFRA, this challenge aims to build a scalable regulatory technology infrastructure to protect public trust and investors. The initiative invites innovators to develop solutions that streamline compliance processes and foster transparency within the financial ecosystem while safeguarding confidentiality.

Challenge Objective

The primary objective is to develop an AI-powered engine capable of extracting text, tables and financial data from multi-format documents (scanned and digital). The engine must segment these documents into logical sections and validate their completeness and compliance against pre-defined frameworks as outlined below. The solution should structure document metadata and support search, analytics, visualisation and indexing of source unstructured data to ensure efficient retrieval and referenceability: 

• Indian Accounting Standards and associated reference and educational materials: IndAs Vol 1, Vol 2, and Conceptual Framework – IndAS, Quick Referencer - IndAS, Educational Materials - IndAS, Exhaustive list of Auditing Standards
• General Instruction for preparation of financial statements (Refer to Schedule III)
• SEBI disclosure requirements
• RBI Disclosure Norms for Financial Institutions
• SEBI ESG Framework
• SEBI ESG Disclosures - BRSR Core

Expected Output

• Compliance Validation Report Generator: An engine to test compliance across large datasets with a corresponding set of regulations (e.g., RBI guidelines, SEBI Norms), providing explainable outputs on compliance and non-compliance with each provision of the rules and regulations. 
• Automated Analytics Engine: A tool to automatically source data and analyse financial performance, risk indicators, audit history and governance structures.
• Preliminary Examination Tool: A system to identify and analyse real-time information regarding news, enforcement actions, legal cases and whistle-blower allegations.
• NFRA Specific Insight Bot: An AI‑enabled chatbot to provide intuitive query resolution over NFRA’s documents using chunked content and structured metadata, helping NFRA team efficiently find relevant sections and audit findings. It will also support compliance analysis by combining reports, precedents, rules and real‑time regulatory signals, while enforcing strict confidentiality and security aligned with Indian and international data‑protection norms.

Who Can Apply?

• Indian Company: The team can be an Indian company registered under the Companies Act. An Indian company must have 51% or more shareholding by Indian citizens or persons of Indian origin.
• Start-up: The team can be a start-up as defined in the latest notification by the Department for Promotion of Industry and Industrial Trade (DPIIT), accessible at Startup India.

Note: Applicants must demonstrate development experience in relevant solutions and provide proof of proprietary solutions.

Major Milestones

• Stage 1: Initial screening and technical evaluation
• Stage 2: Up to top 10 shortlisted teams may be shortlisted for the Virtual Challenge Round, wherein they will receive INR 5 Lakhs each, and will be required to refine their solution on a sample dataset provided via AIKosh.
• Stage 3: Up to 3 Shortlisted teams may be invited to a 5-day on-premises development round in New Delhi to refine their solution on a sample dataset provided via AIKosh. 
• 1 team may secure a two-year work contract worth up to INR 1 Crore to deploy their solution for the NFRA.

Key Dates

• Launch of Challenge: 12th January 2026
• Last date for submission: 02nd March, 2026

Apply Now

To know more and Apply, click here for the IndiaAI Financial Reporting Compliance Challenge.

Information Webinar

To address applicant queries and promote the Challenge, an information webinar is being organised. The webinar will foster a deep understanding of the Challenge objectives, eligibility criteria and application process. We invite Indian companies and startups building AI solutions for financial and regulatory compliance to join the webinar.

Date: 04th February 2026

Time: 03:00 - 04:00 PM

Speakers:

• ⁠Smt. Vidhu Sood, Secretary, NFRA
• ⁠Shri Arun Kumar AS, Executive Director, NFRA
• Smt. Shikha Dhaiya, Joint Director, MeitY

Register for the webinar here: https://zoom.us/meeting/register/n3OwAfMuTmeWgyyU7-Rrgg

Queries

All pre-submission queries must be emailed to fellow3.gpai-india@meity.gov.in using the subject line: "Query-IndiaAI Financial Reporting Compliance Challenge 2026 – Applicant Name"