The National Financial Reporting Authority (NFRA), in collaboration with IndiaAI, has launched the IndiaAI Financial Reporting Compliance Challenge to encourage the development of artificial intelligence–powered solutions aimed at improving the quality and efficiency of financial reporting oversight.

The challenge invites Indian companies and DPIIT-recognised startups to build an advanced AI engine capable of extracting data from multi-format financial documents and validating the information against applicable regulatory and accounting frameworks. The objective is to support NFRA in monitoring financial reporting quality while accelerating internal compliance and analytical processes.

Participants will compete for a total prize pool of Rs 10.5 million. As part of the programme, up to ten shortlisted teams will receive Rs 0.5 million each during a virtual refinement stage to further develop and fine-tune their solutions. One winning team may also secure a two-year contract with NFRA, valued at up to Rs 10 million, for potential national-scale deployment of the solution.

The proposed solutions are expected to deliver explainable compliance validation reports, automated analytics for identifying risk indicators, and an AI-enabled insight bot to assist regulatory review and decision-making. These tools are intended to strengthen NFRA’s mandate of protecting public interest and enhancing investor confidence through robust financial reporting standards.

Applications for the IndiaAI Financial Reporting Compliance Challenge are currently open and will close on February 22, 2026