Hello everyone and Rajiv,
Thanks for reporting this issue, product team just release a hotfix for this issue. For all new projects, you should see no issue.
For existing projects which are under this error, please first check on your top right to know which service you are using for your AI studio, then go to Azure Portal, search the service, and click on the Access Control button on the left panel, add the Azure AI Administrator role as below -
Please wait for at lease 15 mins.
I hope this helps!
Regards,
Yutong
-Please kindly accept the answer if you feel helpful to support the community, thanks a lot.