Currently, there is no complete and effective framework that regulates Artificial Intelligence (AI). The study aims to bridge existing gaps and limitations of isolated regulations relating to AI technologies. At the outset, developmental evaluation approach was applied for exploring the possibilities of application of existing doctrines for development of holistic AI regulation that serves the local, national and international requirements. Subsequently, to bestow overall well-being of the society it is hypothesized that an eclectic regulations with due considerations to Public Interest, Environmental Sustainability, Economic Development and Criminal Law shall immensely contribute towards successful governing of AI technologies. A combination of these approaches is used to propose a novel PEEC Framework for curbing the menace of AI systems while realizing its fullest potential. The proposed PEEC framework addresses all potential imparity in AI regulation and lays down governing principles that can be used by the policymakers to make informed decision for governing AI where the stakeholders interests are prioritized while retaining the core functions of regulating framework that bestow comfort, contentment, happiness, health, prosperity and protection to its citizens. Both, positive and negative impacts of proposed PEEC framework on stakeholders are presented with suggestions to curtail its negative consequences. The study also proposed a PEEC Resolution to be adopted by local, national or international authorities for administration of AI within their jurisdiction. The proposed PEEC framework is a win-win proposition for all AI stakeholders