ICAI plans to provide financial data for India's sovereign AI model

Chartered accountants' apex body, ICAI, is in discussions with the Ministry of Electronics and Information Technology (MeitY) to provide financial and economic data of listed companies for India's sovereign Artificial Intelligence (AI) model.

The ministry is working to develop the country's own large language models (LLMs).

A senior functionary at the Institute of Chartered Accountants of India (ICAI) said the institute plans to provide financial and economic data of listed companies to the LLMs (large language models) that will be developed in India.

ICAI, which also plays a key role in taxation and financial matters, has more than four lakh members.

"We are in discussions with MeitY. ICAI has a proposal to connect with MeITY to provide financial and economic data to the India-grown LLMs," the functionary told PTI.

According to him, the institute has data on listed companies, such as their balance sheets and audit reports. "We can give authenticated financial data for the LLMs."

On October 10, Electronics and IT Secretary S Krishnan said India's sovereign AI model is expected to be ready before the AI Impact Summit in February next year.

The government will be organising a two-day India AI Impact Summit 2026 on February 19 and February 20 next year.

ICAI has started using AI in its activities to help its members in auditing work.

Among others, AI can automate repetitive tasks, enable continuous auditing, and perform data analytics for fraud detection and risk.

The ICAI functionary also said the institute is working on ways to tackle online and digital frauds and hoped that around 25% of such frauds can be reduced with its efforts.