Data Protection and Privacy
The Digital Personal Data Protection Bill, which is set to revolutionize the way personal data is handled in India, has been a topic of much discussion and preparation among businesses. However, without a finalized set of rules, companies have been in a preparatory limbo, aware that significant changes are on the horizon but uncertain about the specifics of compliance requirements.
Artificial Intelligence (AI) Regulations
The rapid adoption of Artificial Intelligence (AI) across sectors has necessitated a careful approach to regulation, balancing safety and innovation. Several countries are currently in the process of navigating the complexities of formulating regulations for AI technology, aiming to promote its safe adoption and responsible use. The European Union stands out with its AI Act, which is the most detailed legislation dedicated to AI as of now. Conversely, the United States and the United Kingdom have relied upon their respective common law systems to address risks as they emerge. India has formulated an Advisory Group specific regulatory AI framework and is also working towards establishing a National AI Safety Institute.
Environmental, Social, and Governance (ESG) Compliance
ESG compliance in India has taken centre stage as investors, consumers and regulators are increasingly focusing on establishing sustainable and ethical business practices. Indian companies are being closely looked at to disclose their environmental impact, social contributions and governance practices in a transparent manner. The Securities and Exchange Board of India (SEBI) has mandated certain classes of companies to disclose their ESG performance, which demands increased attention towards implementing compliance mechanisms and the integration of sustainability into core business strategies.