With the rapid proliferation of Artificial Intelligence (AI) across various domains, discussions surrounding responsible AI have become ubiquitous. These versatile technologies are transforming the nature of our work, interactions, and lifestyles. We are on the brink of witnessing a transformational shift comparable to the impact of the printing press, which revolutionised the world six centuries ago. Within this transformative landscape, our research paper assumes extraordinary significance. The paper proposes a principle-based multistakeholder approach which resonates with the foundational values of responsible AI envisioned by various jurisdictions geared towards ensuring that AI innovations align with societal values and priorities. Currently, there are various kinds of literature on the risk management of AI at the development level focusing on uni-stakeholder, i.e., AI developers. In a rapidly changing landscape, regulatory interventions must withstand the test of time. This is the primary reason why draft regulations in development or in the process of becoming a law must be principle-based. The approach to this paper for establishing an effective governance structure for AI would involve multistakeholders, including AI developers, AI deployers, and impact population, where we map principles for different stakeholders within the AI ecosystem to make it trustworthy and safe. This paper, through a meta-analytic literature review, will also effectively contribute towards the discussion on developing an effective governance structure for AI to enhance its opportunities while mitigating its impact and harms at the international level, where the importance of global coordination and cooperation has become predominant now more than ever.