Last Updated Oct - 12 - 2024, 04:39 PM | Source : India Today | Visitors : 25
IIT Madras has inaugurated the AlphaGrep Quantitative Research Lab with ₹5.65 crore in CSR funding from AlphaGrep Securities. The lab aims to explore AI applica
The Indian Institute of Technology Madras (IIT Madras) has established a new research lab focused on quantitative finance. AlphaGrep Securities, a quantitative trading and investing firm is contributing Rs. 5.65 crore in CSR funding to help create this lab.
The ‘AlphaGrep Quantitative Research Lab’ will perform exploratory research projects in the areas of AI for quantitative finance, including study in financial markets and their microstructure, quantitative investment management, and quantitative risk management, among others.
Professor Ashwin Mahalingam, Dean (Alumni and Corporate Relations), IIT Madras, and Mohit Mutreja, Chairman and Managing Director, AlphaGrep Securities, signed an MoU today (10th Oct 2024) for this collaboration in the presence of Professor B Ravindran, Head, Wadhwani School of Data Science and Artificial Intelligence, IIT Madras, and others stakeholders.
Highlighting the need for such research centres, Professor V Kamakoti, Director, IIT Madras, said, “Three decades before, the financial institutions were predominantly run by their legal group, the next decade by their finance/audit group and currently by the Information Technology group. The time is ripe now to look at how AI can be used for effective and efficient conduct of business of these institutions. The proposed lab will be precisely addressing this issue.”
Welcoming this collaboration, Professor Ashwin Mahalingam, Dean (Alumni and Corporate Relations), IIT Madras, said, “Given how much work remains to be done in bringing AI to the world of finance, a program that focuses on exploratory research is exactly what we think will push us forward. We are very happy to be supported by AlphaGrep Securities in this regard and look forward to building this partnership further.”
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