It follows SEBI earlier efforts to inventory AI/ML applications in the financial sector, recognizing the increased adoption of these technologies, including Generative AI and Large Language Models, across various functions like advisory services, risk management, and surveillance. The proposed guidelines, include Model Governance, Investor Protection (Disclosure), Testing Framework, Fairness and Bias, and Data Privacy and Cyber Security. It addresses emerging risks such as malicious usage, concentration risk, herding behaviour, lack of explainability, model failure, and accountability concerns, proposing control measures like watermarking, diversification of providers, and enhanced human oversight. The comments/ suggestions from stakeholders are invited.