ICAI looks forward to working with India’s sovereign AI model on financial and economic data

With India planning to launch its first sovereign artificial intelligence (AI) model by early 2026, the Institute of Chartered Accountants of India hopes to harness it to improve financial reporting for listed companies.

ICAI is in talks with the shortlisted companies for the project to discuss how to collaborate with the shortlisted company to use the data of the 5,000 listed companies. “We want to cooperate with them to provide them with the financial data of 5,000 listed companies so that they can be accessed through artificial intelligence,” an IICA official said.

The aim will be to help chartered accountants and sector specialists obtain economic and financial data easily and in an accessible manner.

Krishnan, Minister of Electronics and IT, recently said that India’s sovereign AI model will be ready by February 2026. “Before the end of this year, hopefully, we should have our first foundational model. By the India AI Summit, we should be able to launch India’s sovereign model,” he recently said.

The Center had earlier appointed eight organisations, including IIT Bombay, Tech Mahindra and Fractal Analytics, to build constitutive large language models (LLMs) under the IndiaAI mission. The institute official said that he was in talks with eight companies, but declined to mention any names.

With the increasing use of AI across sectors, ICAI is also taking measures to utilize it and familiarize its members and students with the technology. I have created AI-powered utilities and GPT tools to support the professional work of auditing.

Certification authorities are already using AI tools to improve audits and reduce repetitive tasks. The official noted that “AI is used in complex transactions and to review big data for speed and transparency in audit work,” but stressed that assurance-related tasks cannot be entrusted to AI and must be handled by certificate authorities.

AI enables the automation of repetitive tasks, enables continuous data auditing and helps in the use of data analytics to detect fraud and risk.

ICAI also offers training and certification to existing CAs in AI and has also included it in the CA curriculum for students. “After 2027, all CAs will be empowered with knowledge of AI technology,” the expert noted. The idea is to empower young auditors with a technology-first mindset.

It also works with law enforcement agencies to detect online financial fraud using artificial intelligence.