New Delhi, May 4 -- On Dalal Street, the 30-page equity research report has long been a badge of credibility-dense, detailed, and designed for institutional investors with the time and expertise to decode it. But for India's fast-growing base of retail investors, that very depth has often been a barrier. Now, artificial intelligence is beginning to change that equation, according to Siddharth Sureka, Chief AI Officer at Motilal Oswal Financial Services.
In an exclusive interview with TechCircle, Sureka said, "At Motilal Oswal Financial Services, AI is being deployed to transform how research is consumed-turning static reports into conversational, real-time interactions. Instead of digging through pages to locate a recommendation or price target, investors can simply ask a question and receive a direct response, grounded in the same institutional-grade analysis." "Historically, our research has been deep and comprehensive. The question we kept asking was-how do we democratise that for retail investors?" he said.
From reading to interacting
The shift underway is not about replacing research, but reimagining the interface. "We're moving from 'here's a report to read' to 'ask me anything about this stock," Sureka said.
Behind the scenes, the platform integrates multiple layers of information-analyst calls, long-term investment theses, technical indicators, and real-time market data-into a single conversational layer. The output may feel simpler, but the underlying intelligence remains unchanged. The result is a more intuitive experience, according to Sureka, "one that reduces friction between investors and insights".
The language breakthrough
While speed and scalability are expected benefits of AI, one of the most tangible shifts is coming from improved accessibility-particularly through language.
India's retail investor base is diverse, and English has long been a limiting factor in accessing high-quality financial research. AI is helping address that constraint.
"A client can ask, 'HDFC ka kya recommendation hai,' mixing Hindi and English, and still get the same analyst insight," Sureka said. "That wasn't possible earlier."
This multilingual capability is expanding the reach of institutional research, allowing firms to engage with a broader, pan-India audience that was previously underserved.
Simplifying without losing depth
The move towards conversational interfaces raises an obvious concern - does simplification dilute rigour? But Sureka argues that it does not-provided the architecture is designed carefully.
"The knowledge base remains our institutional-grade research. AI only changes how it is delivered," he said. "It's the difference between reading a textbook and asking the author a direct question."
To maintain quality, the system operates within strict guardrails. Every response is grounded in published research, with layers of validation to ensure relevance, accuracy, and compliance. Human experts remain in the loop, particularly in refining outputs and setting benchmarks before the system is rolled out to clients.
A new kind of investor engagement
As the interface evolves, so does investor behaviour. The biggest change, according to Sureka, is "a rise in curiosity". "When you give investors a conversational interface-especially in their own language-they start asking more questions," he said.
This marks a shift from passive consumption to active exploration. Instead of simply reading reports, users are interacting with them-asking follow-up questions, switching between summaries and detailed views, or watching analyst videos. The journey is no longer linear. It is dynamic, iterative, and increasingly personalised. That, according to him, is shaping how investors make decisions-potentially making them more informed and confident over time.
Walking the regulatory tightrope
In financial services, innovation cannot come at the cost of compliance. The distinction between offering insights and providing advice is tightly regulated, and firms deploying AI must navigate that boundary carefully. "We don't treat compliance as a constraint-it's built into the design from day one," Sureka said.
The platform is structured to surface research, not generate independent recommendations. Every output is anchored to analyst-backed content, with clearly defined limits on what the AI can and cannot say. This approach allows firms to scale innovation while staying within regulatory frameworks-a critical requirement in an increasingly scrutinised environment.
Beyond reports: a multi-format future
The evolution of AI in financial research is also changing how content is packaged and consumed.
Long-form reports are not going away. Instead, they are becoming one of several formats through which insights are delivered. Investors today can access the same research as a full report, a quick summary, a conversational response, or even a video. The goal is to meet users where they are-whether they prefer depth, speed, or simplicity.
In that sense, the shift is less about changing the core business model and more about expanding access points.
Who wins in the AI era?
As financial firms accelerate their AI strategies, the differentiator is unlikely to be technology alone, believes Sureka. "The firms that win will be the ones that use AI to solve real client problems," he said.
For Motilal Oswal, the framework is straightforward: deliver faster, scale wider, and simplify the user experience. Speed, scale, and simplicity, he argues, will define competitive advantage in the years ahead.
India's retail investing boom has already transformed the structure of capital markets. AI could shape the next phase of that evolution-by making high-quality research more inclusive and easier to use, said Sureka. "Because ultimately, the disruption is not just about generating new insights. It is about ensuring that the insights that already exist are no longer locked behind complexity."
And in a market where information is abundant but attention is scarce, that shift-from information to accessibility-may prove to be the most consequential of all.
Published by HT Digital Content Services with permission from TechCircle.