You can see the rules and regulations in other jurisdictions.
Artificial Intelligence (AI) is being utilised in several financial services, for example, credit scoring, risk management, wealth management and algorithmic trading. It is also being implemented in the health insurance sector for automated risk assessment and claim adjudication. In addition, technology providers are developing smart contracts to facilitate health insurance settlements. Nonetheless, India has yet to create suitable policies or administrations to get a handle on AI. To tackle this issue, regulators have released consultation papers related to robotic financial advisers and their effects on consumer protection, security and data privacy. Of particular concern is third-party websites offering investment and trading advice as they could be guilty of contravening Indian competition laws, consumer protection legislation or intellectual property regulations.1
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