The Securities and Exchange Board of India (SEBI) has launched SEBI’s Virtual Assistant (SEVA) on Tuesday (30 July, 2024), an AI-powered chatbot designed to answer investor questions.
This AI-powered SEBI’s Virtual Assistant (SEVA) chatbot will also provide investors with information on various processes and assist with their inquiries as well.
In a press release, SEBI said, “The chatbot is presently enabled to answer questions relating to general information on securities market, latest master circulars, grievance redressal process, etc. Based on the feedback received from the users, additional areas will be added to the chatbot.”
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The market regulator announced that the chatbot can now answer basic questions about the securities market, recent circulars, how to resolve complaints, and more. SEBI plans to add more features and get user feedback.
For example –
If a user asks SEVA, “What is the latest SEBI circular on mutual funds?” the chatbot will give an answer with a citation link. The user can then follow up with, “Can you explain it in simple terms?” and SEVA will transform the user’s speech to text, analyze the request, and reply in text or read the answer clearly for easy understanding.
Features of SEVA Chatbox
The chatbot will have several useful features, which include providing sources for its answers, handling follow-up questions, and converting speech to text and text to speech to make it easier to use.
“The Beta version of the chatbot includes features like citations for generated response, speech-to-text and text-to-speech functionality for accessibility, follow-up questions, etc.” said SEBI.
Users can also ask the chatbot about the securities market, SEBI’s complaint platform (SCORES), employee details, how to file a complaint, SEBI’s contact info, and give feedback on the SEVA chatbot.
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The beta version is available on SEBI’s website (https://investor.sebi.gov.in/) and the SAARTHI mobile app (Android and iOS).
SEBI has taken many steps to protect investors from fraud, like simplifying share transfers, assigning unique codes to transactions, maintaining order timestamps, establishing an investor protection fund, and regulating brokers. The introduction of SEVA is another step to safeguard investors’ interests.
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