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<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). He further said the implementation of risk-based premium for deposit insurance "merits consideration". "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

<keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> CEO <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> recently made headlines for engaging in a war of words with comedian <keyword id="20947562" type="General" weightage="20" keywordseo="Kunal-Kamra" source="keywords">Kunal Kamra</keyword> on Twitter (X). The comedian had criticised Ola EV's customer service, sharing photos of Ola scooters gathering dust at a dealership. Aggarwal was quick to respond to his post, saying that he can pay him more for what he got for this "paid tweet." Now, a day after the spat, Ola Electric has been slapped with a show-cause notice by <keyword id="20127554" type="General" weightage="20" keywordseo="CCPA" source="keywords" meta.keywordsubtype="org" meta.entityname="CCPA" meta.hostid="261" meta.entityid="CCPA">CCPA</keyword> (Central Consumer Protection Authority) for increased customer service complaints. <h2>CCPA issues show-cause notice to Ola Electric </h2> According to a report in ANI, the CCPA took official action against Ola Electric on October 8, issuing the notice to the company in response to a growing number of grievances from consumers regarding the its electric scooters. According to a filing made by Ola Electric, the company acknowledged receipt of the notice, confirming that it would respond to the CCPA within the 15-day timeline provided. The notice, which currently does not impose financial penalties, signals the government’s intent to address concerns over <keyword id="21054298" type="General" weightage="20" keywordseo="consumer-rights" source="keywords">consumer rights</keyword> violations and misrepresentation. Ola Electric reassured stakeholders that this regulatory development would not affect its financial or operational activities in the immediate term. <div type="Article" hostid="261" msid="114004646" title="'Pay your staff properly, solve the 80,000 complaints first': Internet reacts on Ola CEO Bhavish Aggarwal and Kunal Kamra feud" mstype="2" mssubtype="0"></div> <h2>Complaints against Ola Electric</h2> The notice from the CCPA comes amid a surge in consumer dissatisfaction regarding Ola Electric’s scooters, which has become increasingly evident both through official channels and on social media. The National Consumer Helpline has received over 10,000 complaints regarding issues such as delayed deliveries, service inefficiencies, and persistent mechanical problems with Ola scooters. Allegations of <keyword id="20610549" type="General" weightage="20" keywordseo="misleading-advertisements" source="keywords">misleading advertisements</keyword> and unmet service promises have further eroded trust in the company, which initially captured consumer enthusiasm with its vision of accessible, eco-friendly transportation Specifically, many complaints have centered around recurring issues with vehicle components, delays in promised services, and unfulfilled refund requests following booking cancellations. This growing wave of discontent has pushed the regulatory spotlight onto the company, forcing it to confront its service shortcomings more directly. <h2>Kunal Kamra vs Bhavish Aggarwal </h2> The growing backlash against Ola Electric came into sharp public focus when comedian Kunal Kamra took to social media to criticize the company’s service failures. In a post on X, Kamra shared a photograph of an Ola dealership with several scooters gathering dust. He tagged prominent figures like Nitin Gadkari, Minister of Road Transport and Highways, questioning the state of EV adoption in India and calling on the Department of Consumer Affairs to weigh in on the matter. <div type="Article" hostid="261" msid="113984574" title="‘Comedian ban na sake, Chaudhary banne chale’: Ola CEO Bhavish Aggarwal after Kunal Kamra criticises Ola EV service" mstype="2" mssubtype="0"></div> Kamra’s post quickly garnered attention, inviting frustrated consumers to share their experiences with Ola Electric in the comments. In response, Ola Electric CEO Bhavish Aggarwal fired back, accusing Kamra of engaging in a “paid tweet” to damage the company’s reputation. Aggarwal challenged Kamra to work with Ola to improve services, offering to pay him more than what he supposedly earned from his comedic career. The heated exchange between the two personalities quickly went viral and got people talking. <h2>Share Prices plummet </h2> The consumer dissatisfaction and negative publicity surrounding the company have had immediate repercussions in the financial markets. Following the social media spat between Kamra and Aggarwal, Ola Electric’s share prices took a significant hit, falling by 8% to Rs 90.82 on the BSE. This marks a 43% drop from the company’s all-time high of Rs 157.5, though the stock remains 18% above its IPO price of Rs 76.

Government takes action against Ola Electric for customer complaints, Bhavish Aggarwal’s company slapped with show-cause notice

<ul class="summary-list"><li>OpenAI whistleblowers urged the SEC to investigate the ChatGPT maker for potential rule violations.</li><li>The whistleblowers claim OpenAI used nondisclosure agreements (NDAs) to silence employees.</li></ul>OpenAI whistleblowers are calling on the Securities and Exchange Commission to investigate whether the ChatGPT maker violated SEC rules and prevented employees from speaking out.Legally protected whistleblowers sent a letter to Gary Gensler, chair of the SEC, on July 1 calling on the regulator to investigate OpenAI. The letter, which was also sent to Sen. Chuck Grassley's office, was later shared with Business Insider.The letter states that the whistleblowers provided documents to the SEC supporting their claims that OpenAI's NDAs "violated numerous precedents of the SEC."Sen. Grassley said in a statement shared with Business Insider that assessing the threats posed by AI fell under Congress's constitutional responsibility to protect national security. He added: "OpenAI's policies and practices appear to cast a chilling effect on whistleblowers' right to speak up and receive due compensation for their protected disclosures. In order for the federal government to stay one step ahead of artificial intelligence, OpenAI's nondisclosure agreements must change."OpenAI didn't respond to a request for comment from BI. An SEC representative said: "The SEC does not comment on the existence or nonexistence of a possible whistleblower submission."The whistleblowers' complaint comes after Vox <a target="_blank" class="" href="https://www.vox.com/future-perfect/2024/5/17/24158478/openai-departures-sam-altman-employees-chatgpt-release">reported</a> in May that OpenAI <a target="_blank" rel="" href="https://www.businessinsider.com/leaked-docs-openai-pressure-departing-employees-vox-altman-nda-nondisclosure-2024-5">could take back vested equity</a> from departing employees if they did not sign non-disparagement agreements.Sam Altman <a target="_blank" rel="" href="https://www.businessinsider.com/sam-altman-openai-nda-clause-vested-equity-ilya-sutskever-2024-5">said on X shortly after the report was published</a> that he "did not know this was happening."Nine former and current OpenAI employees <a target="_blank" class="" href="https://www.businessinsider.com/openai-employee-letter-google-deepmind-ai-risks-protections-2024-6">signed an open letter</a> in June calling on major AI firms to ensure greater transparency and better protections for whistleblowers.William Saunders, a former OpenAI employee who quit earlier this year after losing confidence that the company could responsibly mitigate AI risks, <a target="_blank" class="" href="https://www.businessinsider.com/openai-engineer-quit-safety-concerns-right-warn-letter-sam-altman-2024-6">previously told BI about what led to him signing the letter</a> and speaking out. He said an incident in which another former OpenAI employee, Leopold Aschenbrenner, was fired and the requirement that OpenAI staff sign NDAs led to the <a target="_blank" class="" href="https://www.businessinsider.com/openai-employee-letter-google-deepmind-ai-risks-protections-2024-6">four principles set out in the June open letter</a>.<h2 id="dde8bdb7-9248-46e5-b28e-39963c9e876d">Read the full letter sent to the SEC:</h2>

Read the letter OpenAI whistleblowers sent to the SEC calling for action on NDAs

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Monday released a 'draft framework for recognising <keyword id="20198317" type="General" weightage="20" keywordseo="self-regulatory-organisations" source="keywords">Self-Regulatory Organisations</keyword> (SRO) for <keyword id="19942953" type="General" weightage="20" keywordseo="fintech-sector" source="keywords">FinTech Sector</keyword>', laying down the characteristics of a <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">FinTech</keyword> SRO, and includes the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them. The SRO-FT must be looked up to and accepted by the industry as the key body for setting market standards, defining rules of conduct and ensuring voluntary adoption of the common framework by its members, the RBI said. The framework also states that the SRO-FT should be development-oriented, actively contributing to the growth and evolution of the industry. This involves providing specialised knowledge and expertise, offering guidance, and contributing to capacity building through training programs, and prescribing minimum eligibility criteria for its members. Also, members should perceive the SRO-FT as a legitimate arbiter of disputes. This would require a transparent and fair resolution mechanism for disputes arising among members that instils confidence in the FinTech industry. By efficiently handling conflicts and grievances, the SRO-FT would contribute to a more stable and harmonious FinTech environment. A proactive <keyword id="20198316" type="General" weightage="20" keywordseo="sroft" source="keywords">SROFT</keyword> should be capable of motivating its members to align with regulatory priorities. This would involve facilitating communication between industry players and regulatory bodies, advocating for necessary changes, and promoting a culture of compliance. The SROFT, as its duty towards ensuring compliance, should be empowered to investigate and take disciplinary action against its members for non-adherence to codes/standards/rules. The RBI said comments from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

RBI releases draft framework for Fintech sector self-regulatory organisations

In order to enhance <keyword id="182124" type="General" weightage="20" keywordseo="safety-standards" source="Orion">safety standards</keyword> in the <keyword id="34987" type="General" weightage="20" keywordseo="aviation-industry" source="Orion">aviation industry</keyword>, Directorate General of Civil Aviation on Wednesday said that a total of 542 <keyword id="6641634" type="General" weightage="20" keywordseo="enforcement-actions" source="Orion">enforcement actions</keyword> were taken in the year 2023 which was a 77 per cent increase as compared to the 305 enforcement actions carried out in 2022. In a statement, <keyword id="6354787" type="General" weightage="20" keywordseo="dgca" source="Orion">DGCA</keyword> informed that, in a significant move towards enhancing safety standards in the aviation industry, DGCA has taken stringent measures to ensure compliance with regulations through the conduct of <keyword id="1808201" type="General" weightage="20" keywordseo="surveillance-activities" source="Orion">surveillance activities</keyword> on airlines, aerodrome operators, approved organisations, and aviation personnel under its regulatory control to meet laid-down safety obligations. Extensive surveillance mechanisms play a pivotal role in safety by mitigating potential safety risks and enhancing safety margins across the industry. During the year 2023, DGCA intensified its safety oversight efforts and conducted a staggering 5745 surveillances (4039 planned surveillances, 1706 spot checks and night surveillance), which is an all-time high. This marked a notable increase of 26 per cent in surveillance activities compared to the year 2022, emphasising the commitment to ensure compliance and safety within the aviation landscape. Consequent to the findings of the surveillance conducted, enforcement action on non-compliant personnel, airlines, and other operators was taken. A total of 542 enforcement actions were taken in the year 2023 witnessing a 77 percent increase as compared to the 305 enforcement actions carried out for the year 2022. Significant enforcement actions for the year 2023 included the suspension of the Approved Training Organisation of Air India and financial penalties on airlines like Air India, Air Asia, Indigo and Spice Jet for various non-compliances. Enforcement actions were also taken against erring pilots and cabin crew, ATCOs, non-scheduled airlines, flying training organizations and aerodrome operators. DGCA's unwavering commitment to enforcing compliance underscores the critical importance of adhering to safety regulations within the aviation sector to ensure safer skies.

DGCA took 542 enforcement actions on Airlines in year 2023 to enhance safety standards

<ul class="summary-list"><li>A judge has ruled Tesla owners must go through arbitration to pursue their driving-range claims.</li><li>The owners accused Tesla of falsely advertising how far the cars could drive on a single charge.</li></ul>An attempt by several <a target="_blank" href="https://www.businessinsider.com/tesla-owner">Tesla owners</a> to bring a class-action lawsuit against the company over its advertised driving ranges has broken down.In <a target="_blank" href="https://fingfx.thomsonreuters.com/gfx/legaldocs/egpbaqgaavq/Tesla%20driving%20range%20-%20arbitration%20-%2020240307.pdf">a ruling</a> reported on by <a target="_blank" href="https://www.reuters.com/legal/tesla-drivers-lose-us-class-action-bid-battery-range-cases-2024-03-07/">Reuters</a>, a <a target="_blank" href="https://fingfx.thomsonreuters.com/gfx/legaldocs/egpbaqgaavq/Tesla%20driving%20range%20-%20arbitration%20-%2020240307.pdf">judge said</a> Thursday that the owners, who claimed in a lawsuit that it intentionally overinflated the driving range of its EVs, will have to go through individual arbitrations.The <a target="_blank" href="https://www.businessinsider.com/tesla-facing-lawsuit-overexaggerated-driving-range-2023-8">drivers accused Tesla of false advertising</a> in the lawsuit last August. The plaintiffs claimed that the company was trying to sell its EVs by overstating how far they could drive on a single battery charge.The lawsuit said, "Had Tesla honestly advertised its electric vehicle ranges, consumers, either would not have purchased Tesla model vehicles or else would have paid substantially less for them."US district judge Yvonne Gonzalez Rogers made the decision on the basis that when the Tesla owners bought their vehicles, they signed an "order agreement," which includes an arbitration provision.This means they must follow Tesla's resolution process in the agreement. If their issues are not resolved within 60 days, they must be dealt with by an individual arbitrator, not a judge or jury, the court said, citing the agreement.The lawsuit cited a <a target="_blank" href="https://www.reuters.com/investigates/special-report/tesla-batteries-range/">Reuters investigation</a>, which reported Tesla had <a target="_blank" href="https://www.businessinsider.com/secret-tesla-team-canceled-appointments-ev-range-complaints-2023-7">exaggerated vehicles' driving range</a>. The report cited a source with knowledge of an early design of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-upside-fully-autonomous-vehicles-elon-musk-tsla-2023-7">Tesla software,</a> who claimed it rigged the range-estimating software on the cars' dashboards.The Reuters report, which cited archived versions of Tesla's website, said the company <a target="_blank" href="https://www.reuters.com/business/autos-transportation/tesla-lowers-range-estimates-us-regulators-tighten-vehicle-test-rules-2024-01-09/">lowered the driving range estimates</a> for its X, S, Y, and 3 models. It said the Model Y's range estimate was lowered from 303 miles to 285 miles.A post on Tesla's <a target="_blank" href="https://www.tesla.com/en_gb/support/range">website</a> said it's "natural for estimated range to change, particularly over time or with a recent change in temperature." The company was subpoenaed by the Department of Justice for information on its driving range, Tesla disclosed in a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000162828023034847/tsla-20230930.htm">regulatory filing</a> last year.Tesla did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Tesla drivers suffer a blow after their class-action suit over driving ranges is thrown out 

<ul class="summary-list"><li>Both the SEC and the CFTC have taken action against the crypto industry in the last few weeks. </li><li>Insider asked compliance experts about the implications of a widening crackdown on the space.</li></ul>In the past month, top financial regulators in the US have announced a slew of moves against major crypto companies and those working with them, action sources say may point to a wider regulatory crackdown that's brewing in the space. Following regulatory actions including the Securities and Exchange Commission's charges <a href="https://www.businessinsider.com/justin-sun-lindsay-lohan-jake-paul-akon-celebrities-sec-crypto-2023-3">against crypto founder and entrepreneur Justin Sun</a>, and the <a href="https://markets.businessinsider.com/news/currencies/binance-lawsuit-changpeng-zhao-cz-cftc-crypto-crackdown-allegations-explained-2023-3">Commodities Futures Trading Commission's suit against Binance</a> and founder Changpeng Zhao, market observers say the moves could be a preview of what's to come. Martin Grant, global head of regulatory affairs at financial services firm JST Digital, says the recent enforcement actions show that these agencies are "pushing hard to tilt the current regime to provide more investor protection.""But the question is will the resolution of these cases provide a workable path for others to follow or will the rules that emerge cripple an emerging industry," Grant told Insider.He added: "At the end of the day industry participants are searching for regulatory clarity, which has not yet been achieved."Regulators are seemingly more determined after billions of investor dollars were lost following the implosion of major players like Sam Bam Bankman-Fried's FTX and Do Kwon's algorithmic stablecoin TerraUSD in the past year. Both disgraced crypto moguls have since been criminally charged by US authorities. High-profile cases like these made it clear that "new regulation was inevitable," Braden Perry, a former CFTC senior trial attorney, said. "With the rise of cryptocurrency, the crypto investment community has significantly grown, and both sophisticated and novice investors have joined the fray," Perry, an expert in regulatory compliance and white collar defense, told Insider. "[And] regarding crypto exchanges and wallets, there is a transformed investment environment that is ripe for novel products and services — but also abuse."He added: "The ever-increasing amount of exchanges/wallets, and issues/hacks has undoubtedly served as a shot across the bow to the regulators and likely will be the impetus for future rulemaking."As a result of more regulatory scrutiny, Youwei Yang, chief economist at mining company BTCM, says smaller less-resourced projects may be pushed out of the space because they can't afford to stay compliant."Compliance and regulatory efforts are expensive, but necessary, the personnel will be almost as important as tech people," Yang told Insider. "Large crypto players who are more registered will eventually take over the smaller players who are not compliant or not having enough capital to be compliant with registration and daily monitoring all that costs."Markets could face more volatility following a crackdown because crypto prices are often sensitive to regulatory news. The pace in which regulators will make these decisions remains unclear as they typically "lag in rulemaking and policy in unexplored areas of innovation," Perry said."Still, such a public move with relatively notorious companies will undoubtedly affect the market, as seen in the price fluctuations recently, and FTX's collapse," he added. Perry says that a well-designed regulatory frame that aims to deter bad actors and "not overregulate the technology that has allowed greater market access," would likely be a positive. This, however, would require a widespread effort and coordination between financial regulators, industry participants, and legislators. "In terms of next steps, if cryptocurrency firms want to avoid further scrutiny, they will need to prioritize shoring up their compliance controls, and adopt and incorporate automated protocols and technologies to better understand their customers and identify potential risks," Rory Doyle, Financial Crime Policy Manager at regtech solutions provider Fenergo, told Insider.The SEC this month unveiled charges of fraud and securities violations against crypto founder and entrepreneur Justin Sun, and settled with a <a href="https://www.theguardian.com/technology/2023/mar/22/sec-sues-celebrities-cryptocurrencies-lindsay-lohan-tron" target="_blank" rel="noopener">handful of celebrities</a> like Lindsay Lohan, Ne-Yo, and Jake Paul for illegally promoting Sun's tokens. <a href="https://markets.businessinsider.com/news/currencies/coinbase-sec-plans-sue-securities-law-violations-crypto-offerings-cryptocurrency-2023-3">The SEC also issued a Wells notice to Coinbase</a>. The formal letter states the agency's plans to bring a possible enforcement action against the largest US crypto exchange over violations of securities law. Meanwhile, the CFTC last week slapped Binance and founder Changpeng Zhao with a lawsuit, alleging that the world's largest crypto exchange by volume consistently broke US derivatives trading rules."The defendants' own emails and chats reflect that Binance's compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law," Gretchen Lowe, chief counsel in the CFTC's enforcement division, <a href="https://www.cftc.gov/PressRoom/PressReleases/8680-23" target="_blank" title="CFTC statement" rel="noopener">said</a> in a statement.

Here's why recent moves by the SEC and CFTC may be just the start of crypto's regulatory troubles

Alarmed at the rising pesky mobile calls and text messages by telemarketers, the <keyword id="30356" type="General" weightage="80" keywordseo="telecom-regulatory-authority-of-india" source="Orion">Telecom Regulatory Authority of India</keyword> (TRAI) on Thursday directed all telecom service providers to reverify registered headers and message templates on distributed ledger technologies (<keyword id="4388846" type="General" weightage="80" keywordseo="dlt" source="Orion">DLT</keyword>) platform and block all unverified headers and message templates within 30 and 60 days, respectively. In a new directive, the telecom regulator said that the mobile operators need to ensure that temporary headers are deactivated immediately after the time duration for which such headers were created. TRAI issued new directions to providers to stop the misuse of headers and message templates and curb unauthorised promotions using telecom resources. The telecom regulator told the mobile operators to remove confusion among recipients of messages and prevent their misuse and no look-alike headers (headers which are similar by virtue of a combination of small case or large case letters) are to be registered by <keyword id="16550150" type="General" weightage="50" keywordseo="access-providers" source="Orion">access providers</keyword> in names of different principal entities. "Access providers have been directed to bar all telemarketers, who are not registered on the DLT platform from handling the message template scrubbing and delivery of messages to recipients through Access Providers' network," read the TRAI note. It directed mobile operators to take action against erring telemarketers as per the provisions of the regulations and also initiate actions as per relevant legal laws. All the telecom service providers have been directed to comply with the above directions within 30 days. Earlier this week, a survey revealed that two in three Indians get three or more pesky calls every day and 50 per cent of them said such calls originate from the personal number of people. According to <keyword id="6379818" type="General" weightage="80" keywordseo="localcircles" source="Orion">LocalCircles</keyword> which conducted the survey, 45 per cent of people get on average 3-5 pesky calls each day while 16 per cent claimed to get 6-10 such calls per day. Around 60 per cent received most calls related to "selling financial services", 18 per cent got most calls related to "selling real estate" while 10 per cent received most calls "offering a job/earnings opportunity." TRAI has called a meeting with mobile phone operators on February 17 to discuss the quality of wireline and wireless services. The meeting will discuss potential "measures and action plan to improve the quality of service (QoS), review the current QoS standards, QoS for 5G services, and unsolicited commercial communications". TRAI in 2022 had released a consultation paper on the mandatory implementation of Calling Name Presentation (CNAP) in telecommunication networks which are designed to display the name of the caller (even if the receiver has not saved the same on their device/SIM) on the receiver's screen when the call connects. However, complaints from consumers continued to rise and unsolicited communications is something people have been regularly discussing about, according to LocalCircles. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-7-vs-oneplus-11r-mobile-phone-comparison-of-price-specification-and-features/slidelist/97973677.cms">iQOO Neo 7 vs OnePlus 11R – price, specs and features compared</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maggi-kitkat-maker-nestle-india-reports-highest-domestic-growth-in-a-decade-in-fy22/articleshow/97974283.cms">Maggi &amp; KitKat maker Nestle India reports highest domestic growth in a decade in FY22</a>

Block pesky calls and texts from telemarketers, TRAI tells telecos

<ul class="summary-list"><li>JPMorgan has restricted the use of ChatGPT among its staff, according to the Telegraph. </li><li>The bank is worried that the chatbot could share financial information that could lead to regulatory action, the report said.</li></ul>JPMorgan has limited employees' use of the viral language tool ChatGPT, according to reports, as Wall Street eyes potential risks from artificial intelligence.<a href="https://www.telegraph.co.uk/technology/2023/02/21/jp-morgan-cracks-traders-use-chatgpt/" target="_blank" rel="noopener">The Telegraph</a> first reported that ChatGPT's use was curbed among traders due to concerns about regulatory action related to sensitive financial information being shared with the chatbot.ChatGPT is currently restricted across the company as part of normal restrictions to third-party software, sources told <a href="https://www.bloomberg.com/news/articles/2023-02-22/jpmorgan-clamps-down-on-staff-s-use-of-ai-powered-chatgpt-bot" target="_blank" rel="noopener">Bloomberg</a>.JPMorgan representatives confirmed the report to Insider, and had no further comments to share.Despite the caution over ChatGPT, Wall Street sees major changes coming from artificial intelligence, which is already present in algorithmic trading.A recent JPMorgan survey found that 53% of traders believe <a href="https://markets.businessinsider.com/news/funds/wall-street-traders-ai-chatgpt-markets-artificial-intelligence-machine-learning-2023-2">AI will be the technology that holds the biggest influence on future trading</a>. That figure is more than double the results of the same survey from a year ago."It's an exciting time for the electronic and automation space right now, as we look to offer clients added choice of execution options," Scott Wacker, JPMorgan's global head of FICC e-sales, said in a statement included in the survey.Meanwhile, ChatGPT has taken over the web since launching in November with its ability to write anything from <a href="https://markets.businessinsider.com/news/stocks/chatgpt-markets-write-stocks-economy-meme-ai-microsoft-insider-anlayst-2023-1">articles</a> and <a href="https://www.businessinsider.com/chatgpt-real-estate-listings-description-homes-for-sale-2023-2">real-estate listings</a>. Some accuracy concerns are still being worked out with the tool, however. Its influence has seeped into markets too, as investors <a href="https://markets.businessinsider.com/news/stocks/ai-bandwagon-stock-meme-boom-openai-markets-artificial-intelligence-investing-2023-2">clamor for stocks even remotely related to artificial intelligence</a>. Last month, Microsoft gave ChatGPT's creator, OpenAI, <a href="https://markets.businessinsider.com/news/stocks/chatgpt-openai-valuation-bot-microsoft-language-google-tech-stock-funding-2023-1">a $10 billion investment</a>, which has only fueled enthusiasm in the space.Meanwhile, Emily Bender, who teaches computational linguistics at the University of Washington, told <a href="https://www.businessinsider.com/amazon-chatgpt-openai-warns-employees-not-share-confidential-information-microsoft-2023-1">Insider</a> in January that OpenAI isn't transparent with how they accumulate or use data."I would expect corporations to wonder: After a few months of widespread use of ChatGPT, will it become possible to extract private corporate information with cleverly crafted prompts?" Bender said.

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