Article
SEBI’s Consultation Paper and the winds of AI Governance By Sameer Avasarala and Aryashree Kunhambu
The SEBI has recently released a consultation paper on the guidelines for responsible usage of AI/ML in Indian Securities Markets. The Paper outlines the background, current regulatory landscape, international best practices, utilization of AI/ML in the market, along with the recommendations of the working group. The article in this issue of Corporate Amicus deals elaborately with this consultation paper, while observing that the Paper focuses on the regulation of AI/ML models based on certain core guiding principles and prudently differentiates between customer‑facing and back-office models. The authors also discuss certain control measures that may be utilized by market participants to mitigate certain identified risks. According to them, while the proposed measures are in line with globally equivalent methods of AI regulation, finer specifics on implementation and practical application would have to be specified in due time.
Notifications and Circulars
- SEBI extends relaxation on physical dispatch of financial statements for listed debt securities
- SEBI issues framework for ESG Debt Securities (excluding Green Bonds)
- SEBI grants one-year extension for liquidation period to migrating VCFs
- XBRL filing rules amended to mandate attachment of signed financials in AOC-4 XBRL
- RBI issues comprehensive guidelines for lending against gold and silver collateral
- RBI lifts restrictions on use of Brickwork ratings for capital adequacy assessment
- RBI revises priority sector lending targets for small finance banks
Ratio decidendi
- Developer not liable to reimburse home loan interest when refund with contractual interest already granted – Supreme Court
- Mere passage of time does not bar arbitration if arbitration clause remains valid & enforceable – Telangana High Court
- Passport can be renewed without Court permission if no criminal proceedings are pending – Scope of ‘criminal proceedings pending’ clarified – Kerala High Court
- Application under Section 8 of Arbitration Act is not maintainable once right to file written statement is closed – Delhi High Court
- Dishonour of cheque due to statutory freezing of bank account does not attract Section 138 of Negotiable Instruments Act, 1881 – Delhi High Court
News Nuggets
- DPIIT initiates overhaul of business approvals under NSWS; Jan Vishwas 2.0 in focus
- CCI approves Mahindra’s acquisition of 59% stake in SML Isuzu
- NCLT approves Meesho’s reverse flip ahead of IPO
- Uttar Pradesh to develop 15 new MSME industrial zones across 11 districts
- SEBI urges reduction in gap between Financial Results and Annual Reports
- SEBI plans one-stop compliance portal for Foreign Portfolio Investors
- SEBI approves NSE’s launch of monthly electricity futures contracts
- SEBI plans Settlement Scheme for legacy violations by Venture Capital Funds
- SEBI to finalize Eased Delisting Norms for PSUs with 90% government holding
