Latest news with #IAs
New York Post
5 days ago
- Entertainment
- New York Post
Sobbing influencers blame ChatGPT for ruining a dream vacation
AI is only as intelligent as its users. An influencer couple has gone viral after missing their flight to Puerto Rico — thanks, they claim, to a visa mix-up caused by ChatGPT. An influencer is claiming that ChatGPT gave her the wrong information for her international trip, which caused her to miss her flight. Getty Images Advertisement In a now-viral TikTok video, which has clocked over 13 thousand views, Mery Caldass — a content creator with nearly 100,000 followers — can be seen in tears, roaming the airport as her boyfriend, Alejandro Cid, tries to console her. 'Look, I always do a lot of research, but I asked ChatGPT and they said no,' Caldass, speaking Spanish, tearfully explains, referring to whether the couple was required to obtain a visa to visit Puerto Rico. However, if they had checked official government sites, they would have learned that while Spanish citizens don't need a visa, they do need an ESTA (Electronic System for Travel Authorization). Advertisement Unfortunately for the couple, they relied on artificial intelligence without fact-checking it. Adding some comic relief to her meltdown, Caldass accused ChatGPT of holding a grudge. 'Look, I always do a lot of research, but I asked ChatGPT and they said no,' Mery Caldass tearfully explains, referring to whether the couple was required to obtain a visa to visit Puerto Rico. TikTok/merycaldass 'I don't trust that one anymore because sometimes I insult him. I call him a bastard, you're useless, but inform me well … that's his revenge.' Advertisement Some users have applauded her ability to find humor amid her devastation. Others were less forgiving. @merycaldass si hay una revolución de las IAs voy a ser la primera 4niquil-hada🧚♀️ ♬ sonido original – Mery Caldass 'Well, natural selection, I guess,' wrote one unimpressed commenter. 'If you are going to take a transoceanic trip and you put all your advice in ChatGPT, little has happened to you.' Another added, 'But who trusts ChatGPT for those types of situations?' Advertisement To be fair to the AI, some commenters defended ChatGPT, pointing out that the couple may have simply asked the wrong question — they didn't need a visa, but they never asked about an ESTA. The pair eventually made it to the island to catch a show by one of their favorite artists, Bad Bunny. Caldass and Cid's travel tragedy follows hot on the heels of other AI horror stories. Dangerous advice from ChatGPT recently landed a 60-year-old man in the hospital with hallucinations, instructed 13-year-olds how to get drunk and high, and sabotaged women by advising them to ask for lower salaries.
Mint
07-08-2025
- Business
- Mint
Sebi proposes to allow graduates from any discipline to become investment advisers, analysts
Graduates from any discipline, including engineering and law, could become investment advisers and research analysts as India's capital market regulator unveiled sweeping proposals to slash red tape and widen entry for such professionals. The Securities and Exchange Board of India's consultation paper released on Thursday proposes to drop subject restrictions for new entrants. The only mandatory hurdle is clearing the relevant National Institute of Securities Markets (NISM) exams or an accredited equivalent. The paper seeks to overhaul compliance, registration, and data disclosure requirements for such investment advisers (IAs) or research analysts (RAs). It aims to 'facilitate ease of doing business and address practical challenges in the current framework', following persistent demands from the industry, it said. The paper is open for public comments until 28 August. 'Why should an engineering graduate not be any better than an economics graduate after having created the required examination for licence?' said Harsh Roongta, member of the Sebi Alternative Investment Policy Advisory Committee (AIPAC) and founder of Fee Only Investment Advisers LLP. Once an aspirant clears the key criteria of NISM Series X-A and X-B examination before getting a licence, all candidates should be treated equally, Roongta said. These examinations are mandatory qualification exams prescribed by Sebi for investment advisers in India. Sebi also intends to allow IAs and RAs to share past performance data with clients, a long-standing demand. However, this can only be done on a specific client's request and must be certified by a chartered accountant, company secretary, or cost accountant, rather than being disseminated publicly. Once Sebi's new Past Risk and Return Verification Agency (PaRRVA) is fully operational, only PaRRVA-certified performance metrics can be used for advertising or disclosure purposes. Another significant change would let IAs provide second opinions and charge fees for assets purchased via other distributors, provided the investor is fully informed and gives annual consent. The intent, according to Sebi, is to ensure investors are not deprived of independent advice simply due to prior distributor relationships. To streamline entry, Sebi proposes scrapping requirements for multiple address proofs and detailed infrastructure documentation, noting that most players now operate virtually. Applicants will now only need to declare infrastructure adequacy and provide basic contact details. The paper seeks to eliminate the requirement for submitting CIBIL credit scores, net worth, asset and liability statements, and income tax returns. Sebi explained: 'The requirement to submit the credit report/score from CIBIL is hence redundant for determining the eligibility of the applicant for registration and removal of this requirement shall reduce the compliance burden for applicants.' Sebi also proposes to give individual IAs a more flexible timeline to convert into corporate entities after crossing 300 clients or ₹ 3 crore in annual fees. Advisers will, for the first time, be able to onboard clients and collect fees during the process—minimizing business disruption. While these proposals mark significant progress, experts caution that more structural changes may be required to substantially grow the pool of registered advisers and analysts. 'There is a big need for a graded regulatory structure. The number otherwise is going to fall,' said an industry observer.
News18
07-08-2025
- Business
- News18
Sebi proposes relaxing educational qualification criteria for IAs, RAs
New Delhi, Aug 7 (PTI) Markets regulator Sebi on Thursday proposed easing the educational qualification criteria for Investment Advisers (IAs) and Research Analysts (RAs), allowing graduates from any discipline to apply for registration. However, passing the NISM certification exam will remain mandatory to ensure domain knowledge and professional preparedness, Sebi said in its consultation paper. Currently, applicants are required to hold a graduate or postgraduate degree in finance-related fields such as Finance, Business Management, Commerce, Economics, or Capital Markets to be eligible for registration. Also, Sebi proposed allowing IAs and RAs to share past performance data, prior to an entity's association with verification platform Past Risk and Return Verification Agency (PaRRVA), only upon specific client request. This data should be certified by a Chartered Accountant (CA), Company Secretary (CS), or Cost Accountant (CMA), and should not be published on public platforms such as websites or social media. A disclaimer should accompany the data, stating that it has not been verified by PaRRVA. After two years from PaRRVA's operational launch, use of such past data will no longer be permitted. At present, IAs and RAs are prohibited from sharing any past performance data that predates their onboarding with PaRRVA. Additionally, Sebi suggested permitting IAs to provide second opinions on assets purchased under existing distribution arrangements and to charge advisory fees based on Assets Under Advice (AUA) up to 2.5 per cent of such assets annually. IAs will be required to obtain annual consent from clients and clearly disclose that distributor commissions are also applicable on these assets. Currently, IAs charging fees based on AUA are not allowed to include assets acquired through other distributors in their AUA calculations. On easing the corporatization process for individual IAs, Sebi proposed that once an IA crosses the threshold of 300 clients or Rs 3 crore in fees, it should immediately notify the regulator and initiate the transition process. The IA would then have three months to apply for in-principle approval and an additional three months to complete the conversion to a non-individual entity. During this transition period, the IA should be allowed to onboard new clients and continue collecting fees, Sebi suggested. Under the current framework, an individual IA is required to complete the transition to a corporate structure within three months after crossing the prescribed client or fee limits. Also, Sebi recommended removing the requirement to submit a CIBIL credit report as part of the application process. This step is intended to simplify compliance without compromising the regulator's due diligence process. Sebi further proposed eliminating the requirement to submit net worth certificates, asset-liability statements, income tax returns (ITRs), and proof of address during the registration process. Applicants will instead be allowed to declare their address on a self-declaration basis while continuing to submit identity proof and undergo OTP-based verification. The Securities and Exchange Board of India (Sebi) has sought public comments till August 28 on the proposals. PTI SP ANU ANU view comments First Published: August 07, 2025, 20:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
&w=3840&q=100)
Business Standard
07-08-2025
- Business
- Business Standard
Registration to education, Sebi proposes more relaxations for IAs, RAs
The Securities and Exchange Board of India (Sebi) on Thursday proposed a slew of relaxations for investment advisors (IAs) and research analysts (RAs), including those relating to educational qualifications, provision of past performance data, and details sought during registration. IAs and RAs may be allowed to share past performance data — along with relevant disclaimers — only with clients who specifically request it, and on a one-on-one basis. The market regulator had earlier introduced a performance verification agency to validate such claims amid concerns of misleading information. The applicable period for sharing such past data would be limited to the time before the agency's operationalisation. Under the proposed norms, graduates from any discipline — including engineering and law — will also be eligible to apply for IA and RA registration. At present, only graduates in finance, business management, accountancy, commerce, economics, and capital markets are considered eligible. However, applicants from other streams would still be required to pass certification examinations conducted by the National Institute of Securities Markets (NISM). Another key proposal is to allow NISM to accredit educational programmes of external organisations as an alternative to the applicable NISM certification exams. Sebi has also proposed allowing investment advisors to provide second opinions to clients on pre-distributed assets, which are currently not covered under the fee-based advisory norms. IAs would be permitted to charge a fee for such services, capped at 2.5 per cent of the asset value per annum. The regulator has further proposed measures to ease the transition from an individual investment advisor to a non-individual advisor, which becomes mandatory upon reaching 300 clients. Other measures proposed to simplify the IA registration process include doing away with the requirement to provide address proofs of multiple persons and eliminating the need to furnish details of office space, equipment, research software, and other infrastructure. Additionally, applicants will no longer be required to submit credit reports or CIBIL scores, nor provide net worth statements, assets and liabilities details, or income tax returns. Sebi had recently overhauled the IA and RA regulations, significantly easing the registration process and associated requirements. The latest proposals continue this trend of regulatory simplification.
&w=3840&q=100)
Business Standard
19-06-2025
- Business
- Business Standard
Sebi allows IAs, RAs to use MFs, overnight funds to meet deposit norms
Markets regulator Sebi has allowed Investment Advisers (IAs) and Research Analysts (RAs) to use liquid mutual funds and overnight funds as an additional option to the bank fixed deposit to meet their deposit requirements. This would provide IAs and RAs an additional option, along with bank fixed deposits, to comply with regulatory requirements and help in promoting ease of doing business. Under the current rule, IAs and RAs are required to maintain a deposit with a scheduled bank. Such a deposit is required to be lien-marked to the Administration and Supervisory Body (ASB) for IAs and RAs. IAs and RAs, through their associations, have represented that they are facing certain operational difficulties in opening the FD accounts, such as non-uniform interpretation of third-party FD procedures across different bank branches and lien marking of the same in favour of ASB. They suggested that as an alternative to FD, units of a liquid mutual fund lien marked in favour of ASB may also be permitted. Accordingly, the board of Sebi approved a proposal in this regard on Wednesday. While approving the proposal, the Sebi's board noted that liquid mutual funds may be considered low-risk and less volatile instruments. Further, a lien can be marked on liquid mutual funds. "The operation of lien and invocation of lien on units of liquid mutual fund remains within the securities market ecosystem, bringing in more efficiency," Sebi said. Moreover, mutual fund folios can be opened and operated digitally as well as in demat mode and asset management companies provide such facilities on their websites and apps that can be accessed through the internet on mobile phones/computers. Also, the board noted that similar to liquid mutual funds, overnight funds could also be a good alternative. In May, Sebi floated a consultation paper proposing to allow 'use of liquid mutual funds for compliance with the deposit requirements'. In December 2024, the regulator introduced various measures for ease of doing business for IAs and RAs. These measures include easing the eligibility criteria for qualification from post-graduation to graduation, allowing certification through a continuing professional education model, and removing the experience requirements. The net-worth requirement for IAs and RAs was also discontinued and was replaced with a requirement of deposit. Furthermore, in the March board meeting, fee-related restrictions on IAs and RAs were relaxed to allow them to charge fees in advance up to a period of one year. The move was part of the continuous efforts of Sebi to address the genuine concerns of IAs and RAs. Also, the board of Sebi noted the decision to introduce a one-time settlement scheme for Venture Capital Funds (VCFs) for not winding up their schemes within the prescribed time frames. The scheme provides a settlement opportunity to VCFs who have completed the migration to the Sebi (Alternative Investment Funds) Regulations. The settlement amount consists of two parts -- Rs 1 lakh for delay of up to 1 year in winding up the scheme and Rs 50,000 for every subsequent year of delay or part thereof and an amount (based on a slab-wise structure) ranging from Rs 1 lakh to Rs 6 lakh depending on the cost of unliquidated investments as on the date of application for migration. Explaining the features of the scheme, Sebi said that prior to applying under the settlement scheme, VCFs should have completed the migration to AIF Regulations. The settlement amount and all expenses related to settlement will be borne by the Investment Manager/ Sponsor. Last date for applying under this settlement scheme will be January 19, 2025. "Migration to AIF Regulations would help the VCFs to secure an additional liquidation period to liquidate the assets and wind up the schemes. However, such migration would not absolve the VCFs from their past delays for winding up such schemes. The scheme is intended to provide expeditious settlement of the past non-compliance related to tenure of scheme only, without any additional burden to investors," Sebi said.
