AI is being helping hand to everyone which helps in getting details on single platform or navigate to the proper sites, collecting information and getting results within seconds. They made easier by the amazing features. You can do various things using it like draw write and Analys. But we cannot ignore its dark Side. There are so many cases in which AI found dangerous for many actives. AI regulator is a necessity. AI is like the sugar, in taste, it is sweet but too sweet is dangerous for us. Recently AI tools are being used for gathering news, report and crucial information. Many users are scared of the companies using AI, the data of their transaction and online activities can be tracked and misused by someone else.
Financial institutions can benefit from using this technology to improve lending decisions, minimize the risk of bad debt, and enhance profitability. Additionally, AI-powered fraud detection systems can assist financial institutions in identifying and preventing fraudulent activity in real-time, ultimately reducing losses and boosting customer trust.
Sanjiv Sanyal statement
On Thursday, Prime Minister’s Economic Advisory Council member Sanjiv Sanyal stated that India will establish regulations for governing artificial intelligence, with the AI regulator potentially operating similar to regulator SEBI.
Sanjiv Sanyal, announced on Thursday that India is planning to implement regulations for governing artificial intelligence. He proposed that the AI regulator could operate similar to the financial regulator SEBI, as he believes that self-regulation and bureaucratic regulation models are not suitable for the AI space. Sanyal emphasized the need for a regulator that understands the technology and can adapt to its evolution.
“You need skin in the game and ex-ante accountability. Just like you have boards in the company, who are accountable, you need to make sure that AI and its behavior… ex-ante, you create skin in the game. You have to enforce regular audits. Just like you need to explain business models and accounts, you need to explain what AI is doing. So, you need standards of explain ability” he added.
He stated that the regulatory norms are expected to change, and it will happen relatively quickly.
How SEBI works?
SEBI is responsible for overseeing the securities market in India, including regulating stock exchanges, brokers, and other intermediaries. It also monitors the issuance and trading of securities and ensures that companies comply with disclosure and corporate governance norms. SEBI has the authority to investigate and take enforcement actions against those who violate securities laws. Additionally, SEBI conducts investor education and awareness programs and promotes research in the securities market. Overall, SEBI’s goal is to create a fair, transparent, and efficient securities market in India.
What about other countries?
The other countries are working on the AI regulator in different ways.
The US has attempted a self-regulation model for AI, while China has adopted a state-controlled approach. In contrast, Europe is implementing a top-down approach to regulating AI. This means that Europe’s regulations are being established and enforced by government authorities rather than relying on industry self-regulation or state control. This approach aims to ensure that AI technologies are developed and used in a way that aligns with European values and standards, prioritizing ethical considerations and human rights. By taking a top-down approach, Europe seeks to create a regulatory framework that promotes responsible AI development and usage across the continent.
Conclusion
The AI regulator is a necessary action. It will be managed in such a way that it wouldn’t harm anyone and give a safe environment. The AI tools for good cause it is to help human and make their life easier but if they are only start working biased and start obtaining crucial information, it will be bad for humans. If humans use it as a weapon against the other human, then the world will be at danger. There need to be some sensibility in the AI and it can be done by man’s control.
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