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CURRENT AFFAIRS: BANKING & FINANCE
SEBI changes IPO rules & listing time cut to 3 days from 6 days
- Capital markets regulator Securities and Exchange Board of India (SEBI) halved the timeline for listing of shares on stock exchanges after the closure of Initial Public Offerings (IPOs) to 3 days from 6 days at present.
- The new listing timeframe will be voluntary for all public issues opening on or after September 1, 2023, and mandatory for all the issues which come after December 1, 2023.
- Under the new guidelines, IPOs will have to mandatorily list after 3 days of the issue closing date.
- The move came after SEBI’s board cleared a proposal regarding the same in June 2023.
Key Highlights :
- The new timeframe is set at three working days (T+3), a significant reduction from the previous requirement of six working days (T+6), ‘T’ represents the closing date of the issue.
- Under the new rules, companies will have to finalise allotment before 6 pm on T+1 day.
- The transfer of funds will be made to unsuccessful applicants on T+2 days.
- According to SEBI, the reduction in timelines for listing and trading of shares will benefit both issuers and investors. Issuers will have faster access to the capital raised thereby enhancing the ease of doing business and the investors will have the opportunity for having early credit and liquidity for their investment.
- SEBI had also deferred the proposal to regulate the total expense ratio charged by mutual fund houses at its June meeting, which was widely anticipated to be overhauled. Sebi stated that the compensation to investors for the delay in unblocking of ASBA application money shall be computed from T+3 days.
About SEBI :
- Established: 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters: Mumbai, Maharashtra
- Chairman: Madhabi Puri Buch
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.
Axis Bank to raise stake in Max Life to 16.2% through Rs 1,612-crore investment
- Axis Bank stated that to raise its stake in Max Life Insurance Company Limited to 16.22% from 9.99% by infusing Rs 1,612 crore through a preferential allotment of shares.
- Axis Bank, along with its entities (Axis Securities and Axis Capital), acquired a 12.99% stake in Max Life in 2021, and through this new investment, they will own 19.02% of the insurer.
Key Highlights :
- The bank will now enter into a share subscription agreement with Max Life for the proposed acquisition through subscription to the preferential issue of 14,25,79,161 fully paid-up equity shares of face value of Rs 10 each at a fair market value of Rs 113.06 per share.
- Currently, Max Financial holds an 87% in Max Life. On completion of the proposed capital infusion, Max Financials’ shareholding will stand reduced to 80.98%. The proposed transaction, expected to be completed in 4-6 months, is subject to the approval of shareholders and regulators including the Insurance Regulatory and Development Authority (IRDAI), Pension Fund Regulatory and Development Authority
- (PFRDA) and Competition Commission of India (CCI). Following the share purchase, the board of Max Life will include 5 nominee directors of Axis Entities and 3 nominee directors of Max Financial.
- Further, Axis entities will have the final say on affirmative voting items (AVIs), and have the right to appoint the Chairman of Max Life.
About Axis Bank :
- Established : 3 December 1993
- Headquarters: Mumbai, Maharashtra, India
- MD & CEO: Amitabh Chaudhry
- Tagline : Badhti Ka Naam Zindagi
CURRENT AFFAIRS: NATIONAL NEWS
Parliament passes Central Goods and Services Tax (Amendment) Bill, 2023 and Integrated Goods and Services Tax (Amendment) Bill, 2023
- Parliament passed the Central Goods and Services Tax (Amendment) Bill, 2023 and Integrated Goods and Services Tax (Amendment) Bill, 2023.
- The Lok Sabha passed the bills without discussion with a voice vote.
- Later, the Rajya Sabha also returned the Bills with a voice vote. Finance Minister Nirmala Sitharaman introduced these bills.
- The Central Goods and Services Tax (Amendment) Bill, 2023 seeks to amend the Central Goods and Services Tax Act 2017 while, the Integrated Goods and Services Tax (Amendment) Bill, 2023 seeks to amend the Integrated Goods and Services Tax Act 2017.
- The Central Goods and Services Tax (Amendment) Bill, 2023 seeks to define the expressions of online gaming, online money gaming and virtual digital assets.
- According to the provisions of the Bill, online gaming means an offering of a game on the internet or an electronic network and includes money gaming.
- The Bill states that online money gaming means online gaming in which players pay or deposit money including virtual digital assets in expectation of winning money.
- The Integrated Goods and Services Tax (Amendment) Bill, 2023 seeks to amend the Integrated Goods and Services Tax Act 2017 to exclude online money gaming from the definition of online information and data access or retrieval services.
- The GST Council in its 50th meeting held last month, recommended levying a 28 per cent tax on the full face value of bets in Casinos, Horse racing and Online gaming.
Dr Bharati Pravin Pawar inaugurates National Conference on ERMED Consortium: Empowering Libraries for Digital Health Transformation
- Dr Bharati Pravin Pawar, Union Minister of State for Health and Family Welfare inaugurated the National Conference on Electronic Resources in Medicine (ERMED) Consortium: Empowering Libraries for Digital Health Transformation at National Media Library.
- ERMED stands for collaborative excellence and transformative impact within the medical landscape of India and for its unwavering commitment to cater to the diverse information needs of the medical fraternity.
- ERMED consortium access facility has been extended to 74 selected government institutes including 14 AIIMS and even AYUSH Research Colleges/ Extend it to institutions as well.
- The Union Minister of State suggested that more medical eResources should be included in the ERMED consortium that is accessible to all.
- The world of medicine is constantly evolving, driven by groundbreaking discoveries, new technologies, and advances in patient care.
- In this fast-changing scenario, the importance of lifelong learning cannot be underestimated.
- Medicine is a field of precision and compassion, where the lives of individuals depend on the knowledge, skill, and expertise of healthcare professionals.
Renewable Energy Research and Technology Development Programme being implemented till 2025-26
- The Union Minister for New & Renewable Energy and Power has informed that the “Technology and Innovation Report 2023” brought out by the United Nations Conference on Trade and Development, has ranked India at 46th position in its “Frontier Technologies Readiness Index”.
- The Minister informed that while the Government has not conducted any research/survey on R&D investment during the last year towards green energy transition, a committee was constituted earlier with an external panel of experts under the Chairmanship of Dr Anil Kakodkar, (Former Chairman, Atomic Energy Commission).
- The Committee reviewed the overall R&D programme, and funding mechanism and identified the present thrust areas with the ultimate aim of increasing the share of renewables in the energy mix in the country.
- based on the recommendations of the Committee, the Renewable Energy Research and Technology Development Programme (RE-RTD) has been continued during the period 2021-22 to 2025-26 with a budget outlay of Rs. 228.00 crore.
- The Ministry of New & Renewable Energy is implementing Renewable Energy Research and Technology Development Programme through various research institutions and industries to develop indigenous technologies and manufacturing for widespread applications of new and renewable energy efficiently and cost-effectively.
- It provides up to 100% financial support to government/non-profit research organizations and up to 70% to industry, startups, private institutes, entrepreneurs, and manufacturing units.
53rd National Planning Group Meeting under PM GatiShakti recommends 6 infrastructure projects
- The 53rd National Planning Group (NPG) was held in New Delhi, under the chairpersonship of Special Secretary, Logistics, Department for Promotion of Industry and Internal Trade, Smt. Sumita Dawra.
- The meeting saw active participation from member Department and Ministries, i.e., the Ministry of Road Transport and Highways, Ministry of Civil Aviation, Ministry of Railways, Ministry of Ports, Shipping and Waterways, Ministry of Petroleum and Natural Gas, Ministry of Defence, Ministry of Power and NITI Aayog.
- During the meeting, six projects, 3 M/o Railways projects and 3 M/o Road Transport and Highways projects with a total project cost of Rs. 28,875.16 Cr. were evaluated.
- These projects are expected to improve the connectivity to various villages and key industrial business hubs by bypassing congested and highly populated areas and reducing travel time.
- The proposed projects are also expected to expand business avenues and generate employment opportunities for local people.
- One railway project, Barbil-Nayagarh-Barsuan and Bhadrasahi- Kiriburu, with a total project cost of Rs 12,532.87 Cr, connecting the existing stations Barbil, Barsuan and Kiriburu of South Eastern Railway and Nayagarh of East Coast Railway was assessed by the NPG on GatiShakti principles of Area Development Approach.
- This Railway alignment connects the major mines of Sundargarh and Keonjhar districts of Odisha State and Paschimi Singhbhum district of Jharkhand.
Ministry of Culture to Organise ‘HAR Ghar Tiranga’ Bike Rally of MPs in Delhi
- Under the aegis of Azadi Ka Amrit Mahotsav (AKAM) “Har Ghar Tiranga” will be celebrated across the Nation from 13th August 2023 – 15th August 2023 wherein people will be encouraged to hoist flags on their premises.
- To ensure massive outreach of the Har Ghar Tiranga Campaign and ensure high Jan Bhagidari, a Tiranga Bike Rally with Members of Parliament and Ministers is being organized at Pragati Maidan in New Delhi.
- The bike rally will be flagged off by the Vice President of India Shri Jagdeep Dhankhar. Minister of Culture, Tourism and Development of North Eastern Region, Shri G. Kishan Reddy will also present remain on the occasion.
- After being flagged off by the Vice President of India Shri Jagdeep Dhankhar, the bike rally will reach the India Gate circle.
- The rally will complete a circle of the India Gate, crossing the Kartavya Path and will culminate at Major Dhyan Chand Stadium.
About Azadi Ka Amrit Mahotsav (AKAM)
- ‘Azadi Ka Amrit Mahotsav (AKAM)’ is an ongoing celebration to commemorate the 75 glorious years of a progressive independent India.
- This initiative by the Government of India aims to bring in focus on the freedom struggle, and the milestones this nation has achieved.
- AKAM is dedicated to the people of India who have been instrumental in the development of the country and its evolutionary journey.
About Har Ghar Tiranga’
- The ‘Har Ghar Tiranga’ campaign was launched from 13th – 15th August 2022 to encourage the citizens to hoist the National Flag of India in their homes.
- The idea behind the campaign is to instil the feeling of patriotism in the hearts of people and reminisce about the journey of India and those who have contributed towards creating this great nation.
MeitY Secretary Shri Alkesh Kumar Sharma inaugurates Renewable Energy Microgrid Power Plant for electrical energy requirements of rural communities
- Ministry of Electronics & Information Technology (MeitY) Secretary Shri Alkesh Kumar Sharma launched the indigenous Technology of Hybrid Green Energy Microgrid for Electrical energy requirements of the Rural communities developed by C -DAC, Thiruvananthapuram, as part of National Mission on Power Electronics Technology (NaMPET) Program, at Elephant Rehabilitation Centre (ERC), Kottoor, Thiruvananthapuram.
- MeitY is prioritising and putting enormous efforts to realise unique technology development and deployments through C-DAC.
- The reliable green energy-based microgrid seems to be providing the power solution for critical systems in the Veterinary hospital systems in ERC.
About Microgrid:
- A renewable energy microgrid is an autonomous, localised and self-contained energy system that incorporates renewable energy sources as its primary generation inputs.
- The major building blocks of a renewable energy microgrid include various components and systems that work together to generate, store, manage, and distribute energy in a localized and sustainable manner. In the microgrid scheme implemented in ERC, a unique 25kW Power Conditioning Unit (PCU) technology using Silicon Carbide, a Wide Band Gap (WBG) Semiconductor device operating at 50kHz and avoiding bulky 50Hz transformer make the system very compact and a container-based deployment in a remote location is realised.
- The above Technology is developed by CDAC.
CURRENT AFFAIRS: RANKING AND INDEX
Haryana’s Nuh secures 2nd position in Niti Aayog’s Delta ranking under Aspirational Districts Programme
- The Aspirational Districts Programme has yielded positive results in the Nuh district of Haryana as the district has moved from the 30th position to the second position in Niti Aayog’s Delta ranking.
- Sharing details in this regard, Deputy Commissioner, Sh. Dhirendra Khadgata said that the Aspirational Districts Programme aims to uplift and develop the most socio-economically challenged districts in India, and this progress in the Nuh district is certainly a step in the right direction.
- He said that continuous efforts are on to improve the ranking of the district on other parameters of Aspirational districts as well.
- He further informed that the district is ranked first in the parameters of agriculture and water resources.
- Its score has increased from 26.2 to 30.7.
- Similarly, the district is ranked second in health and nutrition parameters with an increase from 64.9 to 71.3.
- Due to continuous improvement in the ranking of other departments, the district has bagged an overall second position.
- Dhirendra Khadgata said that NITI Aayog had shared a list of 112 Aspirational districts across the country, in which about 87 parameters were fixed.
CURRENT AFFAIRS: MOUS AND AGREEMENT
Atal Innovation Mission (AIM), NITI Aayog in collaboration with the Indian Space Research Organisation (ISRO) and Navars Edutech successfully launched the National Space Innovation Challenge 2023
- NSIC 2023 is a National-level campaign designed to ignite next-generation space enthusiasts to understand and contribute towards the growing Indian space economy and future space workforce.
- It’s a National platform to get inspired by industry leaders, seek opportunities for exploration and showcase one’s innovation to the world.
- to foster innovation and curiosity among school students across the nation, the Atal Innovation Mission is proud to announce the National Space Innovation Challenge (NSIC) open to all school students across the country.
- Students of Classes 5 to 12 are given an open platform where they can innovate and enable themselves to solve modern-day space technology problems from August 11 to September 20, 2023.
- Students (from ATL and Non-ATL schools) can submit their entries on the automated technology platform implemented by Navars Edutech through the link -https://navarsedutech.com/nsic/.
- Each student, based on their interest and understanding, must select one problem which falls under any one of the Challenge themes.
- NSIC offers integrated content from Industry mentor videos, resources and challenges for Junior Scientists (Grades 5-8) & Senior Scientists (Grades 9 -12) which the students can use to ideate and submit a short research report on a solution across diverse topics like Space Junk Collection Robot, Reusable Rocket Design, Satellite Design, Indian Spaceship Design for Mars, and more.
CURRENT AFFAIRS: DEFENCE NEWS
Indian and UAE Navies Begin Bilateral Maritime Partnership Exercise
- India and the UAE have initiated a bilateral Naval Maritime Partnership Exercise off the coast of the UAE.
- The exercise, being held on August 11th, involves the participation of two Indian Naval Ships, INS Visakhapatnam and INS Trikand.
- This joint endeavour, meticulously planned over two days, since the arrival of the ships at Port Rashid Dubai on August 8th, aims to enhance interoperability and synergy between the Indian and UAE navies, fostering cross-training on tactics, techniques, and procedures while cultivating stronger professional bonds.
- Under the command of Rear Admiral Vineet McCarty, Flag Officer Commanding Western Fleet, the exercise highlights the affirmation of both nations to jointly address maritime challenges.
- As Rear Admiral McCarty met with high-ranking officials, including Brigadier Abdullah Farj Al Mehairbi, the Deputy Commander of UAE Naval Forces, and Sunjay Sudhir, the Ambassador of India to the UAE, the discussions emphasized a shared commitment to counter piracy, smuggling, and human trafficking.
- The exercise also serves as a platform to explore potential joint Humanitarian Assistance & Disaster Relief operations in the future.
- The Indian Ambassador also highlighted that the presence of these two ships for the naval exercise is an indication of our growing Defence relations with UAE guided by the friendship between the leaders of both our countries.
- INS Visakhapatnam, commanded by Captain Ashok Rao, is one of the largest operational Destroyers in the Indian Navy and is a completely indigenous warship made by Mazagaon Docks Limited.
- INS Trikand, commanded by Captain Pramod G Thomas, is an advanced stealth frigate commissioned in 2013.
- The ship is a contemporary warship with state-of-the-art technology incorporated in every facet of its design to make her stable, stealthier, fast and formidable.
Indian Navy’s indigenous frontline warships INS Sahyadri and INS Kolkata to participate in Exercise MALABAR 2023
- Indian Navy’s indigenous frontline warships INS Sahyadri and INS Kolkata will participate in Exercise MALABAR 2023.
- The 11-day exercise will commence in Sydney, Australia.
- Defence Ministry said, ships and aircraft from the US Navy, Japan Maritime Self-Defence Force, and the Royal Australian Navy will also participate in the exercise.
- MALABAR series of maritime exercises commenced in 1992 as a bilateral exercise between Indian Navy and US Navy.
- It has grown in stature over the years to include four prominent navies in the Indo-Pacific Region.
- The exercise provides an opportunity for the Indian Navy to enhance and demonstrate interoperability and also gain from the best practices in maritime security operations from its partner nations.
Paradip Port Authority becomes the fastest major port to handle 50 MMT Cargo in the current fiscal year (2023)
- Paradip Port Authority has become the fastest major port to handle 50 million metric tons of Cargo in the current fiscal year(2023).
- It has exhibited 6.5 per cent growth over the corresponding period of the previous fiscal year.
- The Port has also handled a record 942 Vessels in comparison to 812 handled in the corresponding period of the previous fiscal year.
- Chairman of Paradip Port Authority, P.L. Haranadh said that with the unwavering support of a dedicated workforce, Paradip Port has exemplified a story of growth, sustainability, and a brighter tomorrow for generations to come.
CURRENT AFFAIRS: SPORTS NEWS
World Badminton Championships 2023 to begin at Copenhagen in Denmark
- World Badminton Championships 2023 will begin Copenhagen in Denmark on the 21st of August,2023.
- Indian shuttler PV Sindhu was handed a first-round bye in the Women’s Singles draw for the Championships held at the Badminton World Federation headquarters in Kuala Lumpur in Malaysia.
- In the Men’s Singles, Indian shuttlers received favourable draws.
- Ninth seed HS Prannoy will open his campaign against Finland’s Kalle Koljonen.
- Lakshya Sen will begin a campaign against Georges Julien Paul of Mauritius.
- Kidambi Srikanth, was unseeded in the draw and will face a much tougher opponent in Japan’s Kenta Nishimoto.
- Men’s doubles second seeds Chirag Shetty and Satwiksairaj Rankireddy were handed a bye in the opening round and so were Gayatri Gopichand and Treesa Jolly, the 15th seeds in women’s doubles.
CURRENT AFFAIRS: IMPORTANT DAYS
World Elephant Day 2023: August 12
- World Elephant Day is an international annual event on August 12, Conceived in 2011 by Canadian filmmakers Patrica Sims and Michael Clark of Canazwest Pictures and Sivaporn Dardarananda, Secretary General of Elephant Reintroduction Foundation in Thailand.
- It was officially launched on August 12, 2012.
- The first world elephant day was held on 12 August 2012.
- The film “RETURN TO THE FOREST” narrated by William Shatner was released on the inaugural of world elephant day.
- World Elephant Day is an international organization founded by Elephant Reintroduction Foundation and the world elephant society that helps to spread awareness to protect and preserve elephants.
- The world elephant day website was designed and maintained by Canazwest Pictures.
- World elephant day was founded in November 2015 to support elephant conservation worldwide.
- This day is marked to raise awareness to ban the illegal hunting and poaching of wild beasts. World Elephant Day is dedicated to elephant lives and protection.
International Youth Day 2023: August 12
- International Youth Day is observed annually all over the world on August 12.
- International youth day focuses on all the difficulties that young people are facing throughout the world.
- The theme of International Youth Day is ‘Green Skills for Youth: Towards a Sustainable World’.
- The United Nations General Assembly (UNGA) and Economic and Social Council focus on three themes called Participation, development, and peace.
- The United Nations passed a resolution for creating the International Youth Day in 1999 at the United Nations General Assembly (UNGA).
- With the recommendation of the World Conference of Ministers, this day came into existence, and they declared August 12 as International Youth Day.
- The first International Youth Day was observed on 12th August 2000.
- During International youth day several events, workshops, cultural events, and meetings are organized around the world by national and local government officials and youth organizations.
Daily CA One-Liner: August 12
- The Capital markets regulator Securities and Exchange Board of India (SEBI) halved the timeline for listing of shares on stock exchanges after the closure of Initial Public Offerings (IPOs) to 3 days from 6 days at present.
- Axis Bank started to raise its stake in Max Life Insurance Company Limited to 16.22% from 9.99% by infusing Rs 1,612 crore through a preferential allotment of shares.
- Parliament passed the Central Goods and Services Tax (Amendment) Bill, 2023 and Integrated Goods and Services Tax (Amendment) Bill, 2023.
- Dr Bharati Pravin Pawar, Union Minister of State for Health and Family Welfare inaugurated the National Conference on Electronic Resources in Medicine (ERMED) Consortium: Empowering Libraries for Digital Health Transformation at National Media Library.
- The Union Minister for New & Renewable Energy and Power has informed that the “Technology and Innovation Report 2023” brought out by the United Nations Conference on Trade and Development, has ranked India at 46th position in its “Frontier Technologies Readiness Index.
- The 53rd National Planning Group (NPG) was held in New Delhi, under the chairpersonship of Special Secretary, Logistics, Department for Promotion of Industry and Internal Trade, Smt. Sumita Dawra.
- Under the aegis of Azadi Ka Amrit Mahotsav (AKAM) “Har Ghar Tiranga” will be celebrated across the Nation from 13th August 2023 – 15th August 2023 wherein people will be encouraged to hoist flags on their premises.
- Ministry of Electronics & Information Technology (MeitY) Secretary Shri Alkesh Kumar Sharma launched the indigenous Technology of Hybrid Green Energy Microgrid for Electrical energy requirements of the Rural communities developed by C -DAC, Thiruvananthapuram, as part of National Mission on Power Electronics Technology (NaMPET) Program, at Elephant Rehabilitation Centre (ERC), Kottoor, Thiruvananthapuram.
- The Aspirational Districts Programme has yielded positive results in the Nuh district of Haryana as the district has moved from the 30th position to the second position in Niti Aayog’s Delta ranking.
- NSIC 2023 is a National-level campaign designed to ignite next-generation space enthusiasts to understand and contribute towards the growing Indian space economy and future space workforce.
- India and the UAE have initiated a bilateral Naval Maritime Partnership Exercise off the coast of the UAE.
- Indian Navy’s indigenous frontline warships INS Sahyadri and INS Kolkata will participate in Exercise MALABAR 2023.
- Paradip Port Authority has become the fastest major port to handle 50 million metric tons of Cargo in the current fiscal year(2023).
- World Badminton Championships 2023 will begin Copenhagen in Denmark on the 21st of August,2023.
- World Elephant Day is an international annual event on August 12.
- International Youth Day is observed annually all over the world on August 12.