‘Need a regulator like SEBI for AI’
- Recently, the PM's Economic Advisory Council (PMEAC) member announced that India is set to develop norms for regulating artificial intelligence (AI).
- The AI regulator will function similarly to the financial regulator SEBI (Securities and Exchange Board of India).
Need for a Specialized Regulator
- The conventional models of self-regulation and bureaucratic regulation are unsuitable for the AI space.
- Proposed the creation of a specialized regulator with a deep understanding of AI technology and a focus on its evolving nature.
- Suggested implementing a system with manual overrides, comparable to financial market circuit breakers, for effective AI regulation.
- Emphasized the importance of "skin in the game" and ex-ante accountability, drawing parallels with corporate boards.
- Recommended enforcing regular audits and setting standards for explainability.
- He highlighted the need for transparency in understanding AI behaviour.
- He mentioned that the regulatory approaches used in finance could be applied to AI evolution.
Global Perspectives on AI Regulation
- Acknowledged the growing consensus globally on the necessity of AI regulation.
- He discussed different global approaches to AI regulation, citing
- The US's self-regulation model
- China's state-controlled model
- Europe's top-down approach
- He emphasized the need for India to develop a "good protocol" for AI regulation.
- Artificial Intelligence
- AI Regulator