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DAILY HINDU CURRENT AFFAIRS 14TH JANUARY 2020

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Q.1 Participatory Notes are regulated by which of
the following agency?
(a) Reserve Bank of India
(b) Security and Exchange Board of India
(c) Ministry of Finance
(d) Both options (a) and (b)

Answer: B

Q.2 September 21 revolution is related to which
of the following countries?
(a) Yemen
(b) Oman
(c) Saudi Arabia
(d) Iran

Answer: A

Q.3 The theme of World Ozone Day 2019 is:
(a) 32 years and healing
(b) Keep Cool and Carry On
(c) Caring for all life under the sun
(d) Ozone and climate: Restored by a World
United

Answer: A

SABRIMALA ISSUE

NEWS: A nine-judge Bench led by Chief Justice of India Sharad A. Bobde on Monday said its objective was not to review the Sabarimala women entry case but examine “larger issues” of law arising from practices such as the prohibition of women from entering mosques and temples, female genital mutilation among Dawoodi Bohras and the ban on Parsi women who married inter-faith from entering the fire temple.

The Bench, however, clarified that it would not go into the legality of issues such as the practice of polygamy and ‘nikah-halala’ in Islam.

Chief Justice Bobde, who succeeded Justice Gogoi, formed a Bench of nine, rather than seven judges, to examine these questions which concern multiple faiths.

On Monday, Solicitor General Tushar Mehta said the questions were too broad and needed fine-tuning.

The CJI asked the lawyers involved in the case to hold a conference on January 17 to reframe/add issues to be examined by the nine-judge Bench. The court posted the case for hearing after three weeks.

When lawyers sought to remind the court that the case challenging the Citizenship (Amendment) Act was scheduled for January 22 and the hearing before the nine-judge Bench ought to be heard without a break, the CJI said cases were being heard “chronologically”.

But senior lawyers, like Indira Jaising and Rajeev Dhavan, said the Court cannot decide on the essentiality of religious practices. It was outside its jurisdiction.

CONSUMER PRICE INDEX

NEWS:

Retail inflation soared to a five-and-a-half year high of 7.35% in December 2019, with the shortage of onions driving the surge.

According to information released by the National Statistical Office on Monday, retail inflation based on the Consumer Price Index was only 2.11% in December 2018 and 5.54% in November 2019.

Along with vegetables, high prices of pulses, meat and fish also contributed to last month’s spike. The inflation in pulses and products was recorded at 15.44%, while for meat and fish it was nearly 10%.

The Centre has mandated the Reserve Bank of India to keep inflation in the range of 2-6%. The RBI is scheduled to announce its next bi-monthly monetary policy on February 6.

In its December policy, the central bank had kept the repo rate unchanged, citing inflationary concerns.

ABOUT CONSUMER PRICE INDEX

Consumer Price Index expresses the current prices of basket of goods and services in terms of prices during the same period in a previous year to show the effect of inflation on purchasing power.

RETAIL INFLATION IS MEASURED BY CPI

Consumer Price Index released at National Level are:

  1. CPI for Industrial Workers (Released by Ministry of Labor and Employment)
  2. CPI for Agricultural Labors and Rural Labors (Released by the Ministry of

Labor and Employment) and

  1. CPI (Rural/ Urban/ Combined) (Released by

CSO under Ministry of Statistics and Programme Implementation).

RBI uses the CPI released by CSO to measure inflation.

Base year for the CPI is 2011-2012.

NATIONAL POPULATION REGISTER

NEWS: Leaders of Opposition parties on Monday demanded the immediate withdrawal of the Citizenship Amendment Act (CAA) and appealed to non-BJP Chief Ministers, who had earlier announced not to carry out a proposed nation-wide National Register of Citizens (NRC), to suspend the exercise of enumeration of the National Population Register (NPR) as it is “a prelude to a nation-wide NRC.”

About National Population Register

  • Definition:
    • It is a list of “usual residents of the country”.
    • A “usual resident of the country” is one who has been residing in a local area for at least the last six months, or intends to stay in a particular location for the next six months.
  • Legal Provisions:
    • The NPR is being prepared under provisions of the Citizenship Act 1955 and the Citizenship (Registration of Citizens and Issue of National Identity Cards) Rules, 2003.
    • It is mandatory for every “usual resident of India” to register in the NPR.
  • Background:
    • The data for the NPR was first collected in 2010 along with the house listing phase of Census 2011.
    • In 2015, this data was further updated by conducting a door-to-door survey.

COMMISSIONER SYSTEM

NEWS: The Uttar Pradesh government on Monday passed a proposal to introduce the police commissioner system in two major cities under which IPS officers would get additional authority including magisterial powers.

This comes in the wake of violence during the protests against the Citizenship (Amendment) Act and allegations of police brutality and use of excessive force against protesters.

In police commissioner system, police works as a team, under which the police commissioner has some magisterial powers in order to take forward smart and effective policing

As per an official statement, the government listed several reasons for introducing the police commissioner system including the hi-tech nature and complexity of crimes, organised crime menace like drugs and human trafficking and cyber crimes. While the government does not directly link the introduction of the police commissioner system to the recent protests, it evaluates the present system of crowd control as inadequate to prevent damage to public property.

Commissioner System undermines the position of the District Magistrate, particularly in a law and order situation.

Retired super cop Maxwell Pereira said the commissioner system is known for providing “quickness of action” but it makes a single authority responsible for action, good or bad.

Mirza Asmer Beg, who teaches public administration at Aligarh Muslim University, said quickness of action is crucial when you are fighting a “foreign enemy” or providing civic amenities. “Not when you are up against your own people exercising their democratic right to dissent.”

MOGHALMARI

NEWS: A study of inscriptions on clay tablets recovered from recent excavations at Moghalmari, a Buddhist monastic site of the early medieval period in West Bengal’s Paschim Medinipur district, have confirmed the presence of two monasteries — Mugalayikaviharika and Yajñapindikamahavihara.

The presence of two monasteries dating to the same period within a single compound is unique in eastern India. Earlier excavations had indicated the presence of two monasteries on the basis of the structural plan.

The monasteries at Moghalmari date from 6th century CE and were functional till the 12th century CE.

The inscriptions are in Sanskrit and the script is a transitional phase between later north Indian Brahmi and early Siddhamatrika.

The first name Yajñapindikamahavihara, implying etymologically ‘a place of sacrificial offering’ is of special significance. The second name on the seals, Mugalayikaviharika, bears a phonetic resemblance to the modern name of the site, Moghalmari.

Archaeologists and historians point out that famous Chinese traveller Xuanzang (more widely identified as Huen Tsang), who visited India in the 7th century CE, referred to the existence of ‘ten monasteries’ within the limits of Tamralipta (modern day Tamluk in adjoining Purba Medinipur district). However, he did not refer to any specific name or location.

With the discovery of the site and the deciphering of the inscriptions, at least two of these monasteries are now identified, Prof. Sanyal said. He added that it was known from Buddhist texts that Buddhist monasteries have a definite hierarchy — Mahavihara, Vihara and Viharika — which is reflected in the inscriptions found.

 

WORLD ECONOMIC FORUM

NEWS:Karnataka Chief Minister B.S. Yediyurappa, who was in a dilemma over his proposed visit to Davos to attend the World Economic Forum’s (WEF) annual meeting being held from January 21 to 24, has finally decided to go ahead with the trip. 

ABOUT WORLD ECONOMIC FORUM

WEF is based in Geneva Switzerland is not for profit institution set up in 1971.

The mission of the forum is to improve the state of world by engaging business, political, academic and other leaders of the society to shape, global regional and and industry agendas.

Important Reports Released by World Economic Forum

  1. Travel and Tourism Competitiveness Report
  2. Global Gender Gap Report
  3. Global Competitiveness Index
  4. Human Capital Report
  5. Global Information Technology Report

KRISHNA RIVER

NEWS: A six-hour meeting between Telangana Chief Minister K. Chandrasekhar Rao and his Andhra Pradesh counterpart Y.S. Jaganmohan Reddy on Monday ended in both of them reaching an understanding to divert water from Godavari river to ayacut in Krishna basin for optimal utilisation of river waters in the two riparian States.

KRISHNA RIVER

  1. Second largest east flowing peninsular river
  2. Rises near Mahabaleshwar in Sahyadri, Jor village Satara Maharashtra
  3. 1401km
  4. Koyna, Tungabhadra and Bhima, Panchganga (the Kasari, the Kumbhi, the Tulsi and the Bhogawati. Local tradition believes in an underground stream Saraswati which together with the other four streams make the Panchganga.) are important tributaries
  5. States: Maharashtra, Karnataka, Telangana and Andhra Pradesh
  6. Bay of Bengal
  7. Important Dams and Reservoirs on Krishna: Almatti Dam, Srisailam Dam, Nagarjuna Sagar

GODAVARI RIVER
Largest Peninsular river system 1465 km long

Also called as the Dakshin Ganga

Rises in Nashik district of Maharashtra

Flows through Maharashtra, Telangana, Chattisgarh and Andhra Pradesh.

Tributaries:  Penganga, Indravati, Paranhita and Manjra.

 

COMPENSATION FOR SEWER DEATHS

NEWS:

Of the 926 deaths inside sewers in the country, from 1993 till December 31, 2019, families of 172 victims were yet to receive compensation, with Gujarat having the highest number of cases where the amount was not paid or the payment was unconfirmed (48), while Maharashtra was yet to pay or confirm payment of compensation in any of its 32 cases, according to data from the National Commission for Safai Karamcharis (NCSK).

During a meeting of the Central Monitoring Committee under the Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013, which is meant to review the implementation of the law, on January 8, States that were found lagging behind in the rehabilitation of manual scavengers were asked to comply soon, NCSK Chairperson and Member of the Committee Manhar Valjibhai Zala said on Monday.

Tamil Nadu, which had the highest number of such deaths, had paid compensation in all but seven of the 234 cases. Gujarat was yet to pay or confirm payment in 48 of the 162 sewer deaths recorded in the State, and in 31 of those cases, the legal heir could not be traced, the data showed.

According to the NCSK, a total of 53,598 people, of which 29,923 were in Uttar Pradesh alone, had been identified as engaged in manual scavenging after surveys in 2013 and 2018. One-time cash assistance had been disbursed in 35,397 cases, with Uttar Pradesh accounting for 19,385 such people.

INTEGRATED ROAD ACCIDENT DATABASE

NEWS:

The government on Monday launched a central accident database management system that will help in analysing causes of road crashes and in devising safety interventions to reduce such accidents in the country.

The IT tool, known as the Integrated Road Accident Database (IRAD), has been developed by the Indian Institute of Technology-Madras (IIT-M) and will be implemented by the National Informatics Centre. The project costs ₹258 crore and is being supported by the World Bank.

The system will be first piloted in the six States with highest fatalities from road crashes — Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu and Uttar Pradesh.

The IRAD will be improved on the basis of the learnings from the trial, following which it will be rolled out across the country.

 

FIRST EDITORIAL: UNHELPFUL COMBATIVENESS ON CAA

Editorial highlights that Prime Minister Narendra Modi’s statement that the Citizenship (Amendment) Act, 2019, or CAA, 2019, intended only to grant citizenship to a certain class of people, and not to deny citizenship to anyone is factually accurate.

WHAT IS THE MAIN ISSUE RAISED BY OPPONENTS OF CAA?

The concern expressed by many is not that it allows citizenship to people escaping persecution from neighbouring countries; on the contrary the fundamental opposition to the law is that it does so in a discriminatory and inadequate manner.

The CAA introduces a religious test in classifying victims of persecution, and granting them citizenship in a secular republic.

The one strand of opposition, among indigenous communities in the Northeastern States, is indeed against granting citizenship rights to anyone, regardless of religion.

EDITORIAL’S VIEW

If Mr. Modi and his colleagues are genuinely concerned that there is misinformation, they must reach out to the critics rather than disparage them.

BJP falsely highlights that  CAA’s opponents are opposed to giving refuge to persecuted Hindu, Sikh, Buddhist, Jain, and Christian minorities from Pakistan, Afghanistan and Bangladesh, which they are not. The CAA’s rationale is that these countries have a state religion, and religious minorities face persecution. But persecution need not be only religious in nature.

The explanation that the current CAA is only remedying a grievance left over by Partition is unconvincing. Afghan refugees should not have qualified by that reasoning.

By repeatedly misinterpreting the concerns, the government betrays an unwillingness to engage on the issue.

LEAD ARTICLE: INEFFECTIVE OPPOSITION

Author highlights that the Central Government has stepped back for now on the NRC, clearly in response to civil protests that have shown no signs of giving over, instead growing bigger and wider and taking the shape of a people’s movement covering large swathes of urban India.

It is known by now that in combination, the CAA and the NRC could be lethal for Muslims. The CAA offers priority citizenship to non-Muslim illegal migrants from Pakistan, Bangladesh and Afghanistan, while the NRC, when implemented, will demand citizenship proof from India’s own citizens. Though anyone from any religion could be left out of the NRC for lack of proper documentation, the fear is that unlike Hindus and other religionists who will be protected via the CAA, Muslims stand the risk of losing their citizenship.

Today, a different version of New India confronts the rulers, one that has turned the “anti-national” slur on its head. Unlike in the case of the BJP, those waving the flag now are not threatening anyone but are reading the preamble alongside and asserting the inviolability of the Constitution’s basic tenets. They are the patriots, not the pseudo-patriots populating the BJP.

The most obvious questions, though, concern India’s political Opposition. West Bengal Chief Minister Mamata Banerjee has been outspoken and has matched wit and word with Mr. Modi and Mr. Shah. The Congress has expressed its opposition to the CAA-NRC architecture. But no politician till now has shown the leadership quality essential to take the protests forward —– from colleges and the buzzing streets of cities and towns into the farthest villages. Partly the reason for this is the people-driven nature of the protests. The movement has been of and by the people with the participants apparently keen to keep it that way. It is a wariness born of apprehension that the presence of political parties will politicise the protests and dilute their impact, which in turn will give a handle to the rulers to condemn the phenomenon as a whole as agenda-driven.

It is also evident that the political parties have lived so long in fear of a Hindu-Muslim polarisation that they have started to shy away from doing anything that could be seen as favouring Muslims. The Prime Minister knows this. In his rallies he has been asking whether the Opposition would offer citizenship to all Muslims from the neighbourhood.

CONCLUSION

There has not been a more opportune time than now for India’s Opposition to prove that they are in the fight. The ferment on the streets can remain citizen-driven. But surely a strong-willed Opposition can lend outside support, ensuring the fight does not fade away and India is rescued from those who want to change its character.

SECOND EDITORIAL: TAIWAN’S PRESIDENT

Taiwan’s pro-democracy President Tsai Ing-wen’s has won re-election, with a record mandate since the country’s first direct elections of 1996.

Election results  could further strain ties with China.

Ms. Tsai’s Democratic Progressive Party (DPP) suffered major losses in the 2018 local elections, but on Saturday, she took over 57% of the vote against her challenger, Han Kuo-yu of the Kuomintang party, which once ruled in China before moving to Taiwan.

Taiwan’s future remains unfinished business for China’s President Xi Jinping, who, in October, presided over the 70th anniversary of the revolution. He has in the recent past declared his intention to use force to unify Taiwan with the mainland.

For his part, Mr. Trump departed from protocol after his election when he received Ms. Tsai’s congratulatory call. Recent U.S. legislation to promote Taipei relations did not go down well in Beijing.

According formal recognition to the island nation’s official name, the Republic of China, is among the DPP’s conditions for initiating dialogue with Beijing.

But it is unlikely that Mr. Xi would want to risk global recrimination from any aggressive military display either against Taiwan or Hong Kong. Taiwan’s zealous defence of its market economy and democratic freedoms may not seem compatible with the China model of state-sponsored capitalism and one-party rule.

CONCLUSION

A resolution of the historic dispute could be long-drawn. But a constructive and democratic international response would be for the big powers to desist from exploiting the situation to promote their own interests.

OP-ED PAGE

SECOND ARTICLE: US DRONE STRIKE ON IRAN

WHAT HAS HAPPENED BETWEEN US AND IRAN?

The killing of Iranian General Qassem Soleimani near Baghdad in drone strikes carried out by the U.S. earlier in January raised the spectre of war in West Asia.

Later, U.S. President Donald Trump threatened to attack cultural sites in Iran in the event of reprisals by Tehran.

The next week, Iran retaliated by carrying out missile attacks on two facilities housing U.S. troops in Iraq. These incidents give rise to some interesting legal questions:

Was the U.S. attack on Soleimani legally justified? And can cultural sites be legitimately attacked in any armed U.S. response?

WHAT INTERNATIONAL LAW SAYS?

Under international law, there is a general prohibition on the use of force, articulated in Article 2(4) of the UN Charter. The Article proscribes any use of force by members against the “territorial integrity or political independence” of a state.

However, the Charter recognises two limited exceptions: first, in the use of force by a state in the lawful exercise of its right to self-defence; and second, when such an act is carried out with the prior authorisation of the UN Security Council (UNSC) and acting pursuant to the Council’s emergency powers “to maintain or restore international peace and security”.

Without prior consent

The use of force by the U.S. in Baghdad to kill Soleimani without prior consent from Iraq or the UN was, hence, a violation of such proscription, unless the U.S. can justify it as a lawful exercise of its right to self-defence.

There are both legal and policy arguments against recognising a right to anticipatory self-defence. First, Article 51 of the UN Charter recognises the inherent right of every state to use force in self-defence, only “if an armed attack occurs”. Second, unlike an “armed attack”, which is an objective standard, an “anticipated” armed attack is a subjective one, open to abuse by states. Since the object and purpose of the general prohibition on the use of force is to minimise resort to unilateral use of force, a stricter and restricted notion of the right to self-defence is perhaps more appropriate.

Further, Mr. Trump’s specific threat to target cultural sites in Iran was in breach of the 1954 Hague Convention for the Protection of Cultural Property during armed conflict. It also violated UNSC Council Resolution 2347, sponsored by the Trump administration, which in the context of the Islamic State (IS) invasion declared that destruction of cultural property would constitute “war crimes”. It was therefore not surprising that Pentagon distanced itself from Mr. Trump’s position.

 

APACHE AND CHINOOK

NEWS:

Apache attack helicopters and Chinook heavy-lift helicopters, which were recently inducted into the Indian Air Force (IAF), will make their debut over Rajpath during the Republic Day flypast on January 26.

“Three Chinook helicopters will fly in a ‘vic’ formation and five Apache helicopters in an ‘arrowhead’ formation,” Group Captain A.R. Tamta said briefing presspersons on Monday on the IAF’s participation in this year’s Republic Day parade.

India has contracted 22 Apache helicopters and 15 Chinook helicopters from Boeing through the Foreign Military Sales programme of the U.S. government in September 2015 under a $3-billion deal.

So far, 17 Apache and 10 Chinook helicopters have been delivered.

The government has also cleared the acquisition of six additional Apaches for the Army.

Apache is the tribe of New Mexico in United States.

RAISINA DIALOUGE

NEWS:

At least 12 Foreign Ministers, including Sergey Lavrov of Russia, Javad Zarif of Iran and Marise Payne of Australia, and seven former heads of state and government will attend the “Raisina Dialogue” organised by the External Affairs Ministry jointly with the Observer Research Foundation in Delhi from Tuesday.

Also attending are Afghanistan’s National Security Adviser Hamidullah Mohib and U.S. Deputy National Security Adviser Matthew Pottinger.

The title of the Raisina Dialogue this year is “Navigating the alpha century”.

Australian Prime Minister Scott Morrison, who was due to give the inaugural keynote address, had to pull out due to the fire crisis in Australia, which means that unlike previous versions of the conference, this year will have no sitting head of government or state participating.

About the Raisina Dialogue:

This is an annual geo-political event, organised by the Ministry of External Affairs and Observer Research Foundation (ORF).

It is designed to explore prospects and opportunities for Asian integration as well as Asia’s integration with the larger world. It is predicated on India’s vital role in the Indian Ocean Region and how India along with its partners can build a stable regional and world order.

Participants: The conference is a multi-stakeholder, cross-sectoral meeting involving policy and decision-makers, including but not limited to Foreign, Defence and Finance Ministers of different countries, high-level government officials and policy practitioners, leading personalities from business and industry, and members of the strategic community, media and academia.

 Significance of the event: The Raisina Dialogue was born in 2016, in the belief that the Asian century that the world was talking about was not about any exclusive geographical region. It was rather about the engagement of global actors with Asia and of Asia with the world. So this dialogue took birth as a platform, where the old and the new could work together, to discover their connections, their inter-dependence.

CLAUSE 6 OF ASSAM ACCORD

NEWS:

Leaders of the All Assam Students’ Union (AASU), one of the signatories of the 1985 Assam Accord, skipped a meeting with Union Home Minister Amit Shah on Monday.

Four members of a high-level committee for implementation of Clause 6 of the Assam Accord, which provides for constitutional, legislative and administrative safeguards to protect, preserve and promote the culture, social, linguistic identity and heritage of the Assamese people, met Mr. Shah in Delhi.

 

ABOUT CLAUSE 6

Clause 6 of the Assam Accord which provides for

constitutional, administrative and legislative safeguards to protect, preserve and

promote cultural, social, liguistic identity and heritage of Assam.

ASSAM ACCORD

Assam Accord was a memorandum of settlement signed between

representatives of the Government of India and leaders of the Assam

movement in New Delhi on 15th August 1985.

NRC was also one of the demands of the Assam Accord.

Assam Accord brought an end to the Assam Movement that began in

1979 demanding identification and deportation of illegal im

GST EVADERS

NEWS: The Department of Revenue has identified as many as 931 cases of fraudulent GST (Goods and Services Tax) refund claims through data analytics and has now tasked the GST data analytics wing to scrutinise all past and pending refund claims filed all over the country for inverted duty structure, sources said.

The sources said such identified taxpayers, who had purchased goods from tax-evading, non-filers, would face verification and scrutiny as necessary.

This is being reviewed and monitored weekly by Revenue Secretary Ajay Bhushan Pandey.

Through meticulous cyber-planning, fraudsters had created over ₹600 crore of ‘fake credit’ which they would have continued to encash had it not been busted.

ABOUT GST

  • Goods and Services Tax is a comprehensive indirect tax which is to be levied on the manufacturesaleand consumption of goods and services in India.
  • GST eliminates the cascading effectof taxes because it is taxed at every point of business and the input credit is available in the value chain.
  • Francewas the first country to introduce GST system in 1954.
  • More than 140 countries have implemented the GST.

ANTI TRUST PROBE

NEWS:

India’s antitrust body on Monday ordered an investigation into alleged competition law violations by Amazon.com Inc. and Walmart’s Flipkart, the latest setback for U.S.-based e-commerce giants operating in the country.

The Competition Commission of India (CCI) said it was ordering a wider probe following a review of allegations that Amazon and Flipkart were promoting some “preferred sellers” and in turn impacting the business of other smaller sellers.

About Competition Commission of India:

It is a statutory body of the Government of India, responsible for enforcing the Competition Act, 2002 throughout India and to prevent activities that have an adverse effect on competition.

Objectives of the Commission:

  • To prevent practices having adverse effect on competition.
  • To promote and sustain competition in markets.
  • To protect the interests of consumers.
  • To ensure freedom of trade.

Functions of the commission:

  • It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India.
  • The Commission is also required to give opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues.

The Competition Act:

The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India.

 

SPLITTING MD AND CEO POST

NEWS:

Top listed firms such as Reliance Industries, HUL, ITC, JSW Steel, Hero Motocorp, TVS Motor and Raymond, along with a long list of other private and government-owned entities, have got two more years to split the position of chief executive officer (CEO) and managing director (MD).

As part of the latest amendment to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, the capital markets regulator postponed the deadline for the separation of the MD and CEO roles for the top 500 companies from the earlier stipulated April 1, 2020 to April 1, 2022. This assumes significance as some of the biggest names of India Inc. had sought a relief in terms of postponing the deadline to comply with the norm notified in May 2018.

Industry had various concerns in implementation, including seeking a clear regulatory demarcation on the role and responsibility under the Companies Act, 2013 and SEBI’s Listing Regulations for chairman and managing director,” said Sumit Agrawal, founder, Regstreet Law Advisors.

ABOUT SEBI

 

  • SEBI is a statutory bodyestablished on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
  • The basic functions of the Securities and Exchange Board of India is to protect the interests of investors in securities and to promote and regulate the securities market.
  • In April, 1988 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India.
  • Initially SEBI was a non statutory body without any statutory power.
  • It became autonomous and given statutory powers by SEBI Act 1992.
  • The headquarters of SEBI is situated in Mumbai. The regional offices of SEBI are located in Ahmedabad, Kolkata, Chennai and Delhi.

STRUCTURE

  • SEBI Board consists of a Chairman and several other whole time and part time members.

Powers and Functions of SEBI

  • SEBI is a quasi-legislative and quasi-judicial bodywhich can draft regulations, conduct inquiries, pass rulings and impose penalties.
  • It functions to fulfill the requirements of three categories –
    • Issuers –By providing a marketplace in which the issuers can increase their finance.
    • Investors –By ensuring safety and supply of precise and accurate information.
    • Intermediaries –By enabling a competitive professional market for intermediaries.
  • By Securities Laws (Amendment) Act, 2014,SEBI is now able to regulate any money pooling scheme worth Rs. 100 cr. or more and attach assets in cases of non-compliance.
  • SEBI Chairman has the authority to order “search and seizure operations”. SEBI board can also seek information, such as telephone call data records, from any persons or entities in respect to any securities transaction being investigated by it.
  • SEBI perform the function of registration and regulation of the working of venture capital funds and collective investment schemes including mutual funds.
  • It also works for promoting and regulating self-regulatory organizations and prohibiting fraudulent and unfair trade practices relating to securities markets.

 

PERSONS IN NEWS

MANMOHAN MAHAPATRA: Manmohan Mahapatra, renowned Odia filmmaker and winner of eight consecutive national awards, passed away here on Monday. He was 69. He was suffering from multiple ailments. An alumnus of the Film and Television Institute of India (FTII), he had carved a niche for himself in parallel cinema. His film, Seeta Raati, had won the Rajat Kamal in the National Film Awards, 1982.

 

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