Sebi has shortlisted five companies, including Tata Consultancy Services (TCS) and Wipro, for the implementation of the data analytics projects for tracking possible market manipulations like insider trading and front running.

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Capgemini Technology Services India, Larsen & Toubro Infotech and NEC Corporation India too have been shortlisted.

These five companies "have been shortlisted for further process", the Securities and Exchange Board of India (Sebi) said in a public notice dated August 31.

The regulator, in June, had invited expression of interest (EoI) from "reputed and reliable solution providers for implementation of data analytics project and building of data models at Sebi".

The move was part of the capital markets regulator's effort to address and handle challenges arising out of technological advancements in the markets.

While inviting EoI, the regulator had said it was looking to leverage artificial intelligence, machine learning and deep learning to address critical challenges for data analytics impacted by the processing of a vast amount of data, either structured or unstructured.

As a precursor to this project, a data lake with an analytics platform has been set up by the markets regulator.

The selected agencies are expected to build analytical models, with artificial intelligence and machine learning.

Further, the analytics development will be done as per the regulator's requirements. This includes developing new models, implementing analytics projects, enhancement of a model in terms of adding new data sources in existing models, among others.

In addition, the analytics development would include establishing linkages between various entities in the market, automated extraction of details from documents filed with Sebi and prediction of market manipulations such as insider trading and front running.