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CURRENT AFFAIRS : BANKING & FINANCE
SEBI revealed framework for corporate debt market development fund
- Capital markets regulator Securities and Exchange Board of India (SEBI) came out with an exhaustive framework for the Corporate Debt Market Development Fund (CDMDF).
- Under the CDMDF, mutual funds will have to contribute 25 basis points (bps) of the specified debt asset under management (AUM) to the fund.
- The move will lead to a contribution of ₹2,242 crore by mutual funds to CDMDF.
- The specified debt schemes have to make an incremental contribution as their AUM increases, every six months to ensure 25 bps of scheme asset is invested in units of CDMDF.
- This will help in instilling confidence amongst the participants in the corporate bond market and to generally enhance secondary market liquidity by creating a permanent institutional framework for activation in times of market stress.
- CDMDF units will be subscribed by Asset management Companies (AMCs) of mutual funds and specified debt-oriented Mutual Fund (MF) schemes -open-ended debt oriented mutual fund schemes excluding overnight funds and Gilt funds and including conservative hybrid funds.
Key Highlights :
- CDMDF will be launched as a close ended scheme with an initial tenure of 15 years from the date of the initial closing after contribution from all AMCs.
- The securities purchased by CDMDF would be from the secondary market, having investment grade credit rating and residual maturity not exceeding 5 years on the date of purchase.
- CDMDF will not buy any unlisted or below investment grade or defaulted debt securities or securities with possibility of default or adverse credit news or views.
- During normal times, the fund will deal in only securities such as low duration government securities (G-Sec), treasury bills, tri-party repo on G-sec and Guaranteed corporate bond repo with maturity not exceeding 7 days.
- The sellers of debt securities will be paid 90 per cent of the consideration in cash and 10 per cent in terms of units of CDMDF.
- Such units paid as consideration will bear the risk of first loss and can be redeemed during the tenure of the scheme.
- The fund will have to disclose Net Asset Value (NAV) of the fund by 9:30 pm on all business days on the website of its investment manager and mutual fund industry body Amfi.
- The fund will charge 0.15% and 0.2% of the portfolio value charged on daily pro-rata basis during normal time, and during market stress, respectively.
- In addition, stock exchanges will have to provide a separate window on the existing Request for Quote (RFQ) platform to facilitate the purchase within 3 months and clearing corporations have been asked to provide required infrastructure to facilitate the trade settlement of corporate debt trades by CDMDF during market dislocation within 3 months.
Recent News :
- In July 2023, Capital markets regulator Securities and Exchange Board of India (SEBI) tightened the disclosure norms for listed companies with strict timelines and introduced criteria for determining the materiality of events.
- In July 2023, The SEBI, mandated that all entities providing ESG (environmental, social, governance) rating services will have to get a certification from the regulator within 6 months.
- In April 2023, SEBI mandated alternative investment funds (AIF) to provide investors with the option of a direct plan and introduced a trail mode for distribution commission & the framework for direct investments will go into effect on May 1, 2023
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 (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI
IRDAI appoints Liberty General Insurance as lead insurer for Delhi
- Liberty General Insurance, one of the leading non-life insurance companies in India, has been appointed as the “Lead Insurer” for Delhi by the Insurance Regulatory and Development Authority of India (IRDAI).
- This appointment is part of IRDAI’s State Insurance Plan, which aims to enhance financial awareness and drive insurance inclusion in collaboration with other insurers.
Key Highlights :
- The initiative aligns with IRDAI’s mission of “Insurance for All by 2047” and aims to ensure last-mile delivery of insurance services to the uninsured population of Delhi.
- Liberty General Insurance will collaborate with all non-life and health insurance companies operating in Delhi, as well as with IRDAI and the state government, to create awareness of existing government schemes and enhance insurance reach and accessibility across the state, including at the district, and state levels.
- To further promote insurance awareness, Liberty General Insurance recently collaborated with Canara HSBC Life Insurance to conduct Nukkad Natak (Street Play) performances at 30 different locations in New Delhi, emphasising the importance of insurance.
Recent News :
- In July 2023, The IRDAI has selected Tata AIG General Insurance Company Limited as the non-life insurer for the State of Maharashtra to initiate and drive activities in collaboration with all other non-life and health insurance companies to increase insurance penetration in the State in line with its vision “Insurance for all by the year 2047”.
About Liberty General Insurance Limited :
- Founded : 2013
- Headquarters : Mumbai, Maharashtra
- CEO and Whole Time Director : Roopam Asthana
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
SIDBI anchors Vivriti’s ₹700 crore SME-focussed fund
- Small Industries Development Bank of India (SIDBI) has participated as an anchor investor in Promising Lenders Fund (PLF) managed by Vivriti Asset Management with an aggregate target corpus of ₹700 crore in two tranches.
- The fund was conceptualised by SIDBI and Vivriti to provide debt capital to microenterprises and building bond markets for issuers rated BBB and lower category.
Key Highlights :
- The PLF is envisaged to benefit over 8,000 microenterprises and 80,000 women entrepreneurs.
- The first phase of the fund (PLF-I) with a fund size ₹300 crore went live in March 2022 and was fully invested by October 2022.
- The fund has made 18 investments in 16 microfinance institutions/Non Banking Finance Companies (NBFCs) and fintechs rated BBB and lower categories.
- The 2nd phase of the fund (PLF-II) with a target fund size of ₹400 crore went live in March 2023 and is expected to announce a final close by December 2023.
- The fund is expected to make 20–25 investments in MFIs/NBFCs and fintechs rated in below BBB or lower category.
About Small Industries Development Bank of India :
- Established : 2 April 1990
- Headquarters : Lucknow, Uttar Pradesh, India
- Chairman & MD : Sivasubramanian Ramann
- The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
- It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
- It works under the Department of Financial Services.
- It is regulated and supervised by the Reserve Bank of India (RBI).
Securities Appellate Tribunal fines SEBI Rs 10 lakh for “failing” to investigate investor complaints against broker
- Securities Appellate Tribunal (SAT) fined Securities and Exchange Board of India (SEBI) with ₹10 lakh over investor complaint probe.
Reason :
- SAT has fined SEBI for not registering and hearing the complaint of an investor despite its order in January 2021.
Key Highlights :
- 6 appeals were filed with SAT against a SEBI communication disposing of the complaints filed by the appellants on the SCORES Platform of SEBI in 2021.
- The appellants alleged they invested Rs 8.25 crore in a fixed income scheme with Ventura Securities (VSL).
- They filed complaints with SEBI, NSE and moved the Bombay High Court.
- The investors then moved to SAT.
- SAT directed SEBI to register the complaints of the appellants.
- It directed SEBI to conduct a detailed investigation within 3 months after hearing the appellants.
About SAT :
- Presiding officer : Justice Tarun Agarwala
- SAT is a statutory body established under the provisions of Section 15K of the SEBI Act, 1992.
- It was established to hear and dispose of appeals against orders passed by the SEBI.
- It has only one bench which sits at Mumbai, Maharashtra.
- SAT also hears and disposes of appeals against orders passed by the Insurance Regulatory Development Authority of India (IRDAI).
SEBI to review delisting regulations
- Regulations for delisting of shares are being reviewed by Securities and Exchange Board of India (SEBI).
- An advisory committee under Keki Mistry has been constituted to relook at the delisting regulations.
Key Highlights :
- SEBI is reviewing regulations by considering a fixed price option.
- It is also reviewing trading plans for insiders and considering introducing a mechanism of instantaneous settlement in exchanges.
- Presently, 90% stake by the parent or promoter is the threshold for delisting.
- Price discovery is through a reverse book-building process.
- The delisting regulations are likely to be ready by the end of the year.
- Having a fixed price for delisting of the shares is one of the options being discussed.
- With the introduction of instantaneous settlement in exchanges, pay in and payout of shares and funds can take place in real time through Unified Payment Interface (UPI).
CURRENT AFFAIRS: NATIONAL NEWS
DGCA fined Indigo Airlines Rs. 30 lakhs for documentation deficiencies in operations, training, and engineering.
- The Directorate General of Civil Aviation (DGCA) has imposed a fine of 30 lakh rupees on Indigo Airlines for certain systemic deficiencies in documentation about operations, training procedures, and engineering procedures.
- It has also directed the airlines to amend their documents and procedures per DGCA requirements and OEM (Original Equipment Manufacturer) guidelines.
- Indigo Airlines experienced four tail strike incidents on A321 aircraft within a span of six months this year.
- DGCA carried out a special audit of the airlines and reviewed their documentation and procedure on operations, training, and engineering programme.
- DGCA said that during the special audit, certain systemic deficiencies were observed.
About DGCA:
- Headquarters: New Delhi
- Parent agency: Ministry of Civil Aviation
- Deputy Ministers responsible: V.K. Singh
The estimated tiger population in India is 3,925, with an annual growth rate of 6.1 per cent.
- India’s tiger population is estimated to be 3 thousand 925 with an annual growth rate of 6.1%per annum.
- This was revealed in a report released by Minister of State for Environment, Forest and Climate Change Ashwini Kumar on the occasion of Global Tiger Day.
- Last year during the celebration of 50 years of the Project Tiger at Mysuru, Prime Minister Narendra Modi declared the minimum tiger population of 3 thousand 167, which is the population estimated from the camera-trapped area.
- Ministry of Environment, Forest and Climate Change said that now the further analysis of data done by the Wildlife Institute of India, from both camera-trapped and non-camera-trapped tiger presence areas, suggested that the upper limit of the tiger population is estimated to be 3,925 and the average number is 3,682 tigers, reflecting a commendable annual growth rate of 6.1 per cent per annum
- India currently harbours almost 75 per cent of the world’s wild tiger population.
Dr Mansukh Mandaviya, the Union Health Minister, chaired the 7th meeting of the Central Institute Body of AIIMS and Chintan Shivir at NIHFW in Delhi.
- Union Minister of Health & Family Welfare, Dr Mansukh Mandaviya addressed the 7th Meeting of the Central Institute Body (CIB) of AIIMS and Chintan Shivir at the National Institute for Health and Family Welfare.
- He was joined by Dr Bharati Pravin Pawar and Prof. S P Singh Baghel, Ministers of State for Health and Family Welfare, Shri Manoj Tiwari, Member of Parliament, Shri Ramesh Bhiduri, Member of Parliament and Dr VK Paul, Member (Health), NITI Aayog.
- Shri Rajesh Bhushan, Union Health Secretary, Shri Rajesh Kotecha, Secretary, Ministry of AYUSH, Dr Atul Goel, Director General of Health Sciences and Shri Sudhansh Pant, Officer on Special Duty, Ministry of Health and Family Welfare were also present on the occasion. CIB is the highest decision-making body of all AIIMS for finance, infrastructure, vacancy, recruitment, enforcement of policies, challenges and procurement.
- The participants at the conclave brainstormed on various agendas and detailed deliberations were held on follow-up of earlier Chintan Shivir recommendations and functioning of all new AIIMS.
- These included sessions on Developing a Road-Map for developing all the AIIMS as Centres of Excellence of Global Standard, Reforms for Faculty selection by the Standing Selection Committee, Creation of AYUSH as a separate Academic Department in new AIIMS and Common Allowances for all new AIIMS set up under PMSSY (Pradhan Mantri Swasthya Suraksha Yojana).
Recent News
- Union Health Minister Dr Mansukh Mandaviya will inaugurate the Global Food Regulators Summit 2023 in New Delhi.
- Union Minister for Health and Family Welfare, Dr Mansukh Mandaviya inaugurated the maiden Global Food Regulators Summit 2023 in the presence of Union Minister for Agriculture and Farmers Welfare Shri Narendra Tomar and special guest Minister of Agriculture and Livestock Development, Govt. of Nepal, Dr. Bedu Ram Bhusal.
The release of the book ‘Dr. APJ Abdul Kalam: Memories Never Die’ has been accomplished by Shri Amit Shah, the Union Home Minister and Minister of Cooperation, in Rameshwaram.
- Union Home Minister and Minister of Cooperation, Shri Amit Shah released the ‘Dr. APJ Abdul Kalam: Memories Never Die’ book in Rameshwaram.
- The Union Home Minister visited Dr APJ Abdul Kalam House, Mission of Life Gallery Museum and Dr APJ Abdul Kalam National Memorial.
- He also visited the Vivekananda Memorial.
- Shri Amit Shah also offered prayers at the world-famous Rameshwaram temple.
- In his tweet, he said that the Rameswaram temple is a symbol of the ancient and glorious Sanatan Culture.
- Lord Shri Ram worshipped Lord Shiva at Shri Rameshwaram which is one of the 12 Jyotirlingas.
- Having darshan here on the auspicious occasion of ‘Aadi Thiruvizha’, is a very fortunate and a great feeling.
- Several dignitaries including Union Minister of State Dr. L. Murugan were present on the occasion of the release of the book ‘Dr. APJ Abdul Kalam: Memories Never Die.
- This book assimilates the history of Indian rocketry, science, technology and innovation, a beautiful representation of Indian politics and administrative system
- In the book India 2020: A Vision for the New Millennium, Dr APJ Abdul Kalam kept his vision for the future of the country, following his vision, under the leadership of Prime Minister Shri Narendra Modi India is on the path of becoming a developed nation
Recent News
- Union Home Minister and Minister of Cooperation, Shri Amit Shah inaugurated the National Mega Conclave on FPO in the cooperative sector and released the action plan for the formation of 1100 new FPOs by PACS in New Delhi
- Union Home Minister and Minister of Cooperation Shri Amit Shah will chair the Regional Conference on ‘Drugs Smuggling and National Security’ in New Delhi.
- Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a ‘National Seminar on Delivery of CSC services through Primary Agricultural Credit Society (PACS)’ at Vigyan Bhawan, New Delhi.
CURRENT AFFAIRS : STATE NEWS
Bengaluru becomes 1st Indian city to join World Cities Culture Forum
- Often hailed as India’s Silicon Valley and recognized as the country’s fastest-growing metropolis, Bengaluru, Karnataka has become the first Indian city to become part of the World Cities Culture Forum (WCCF) a global network of cities that share research and intelligence, and explore the role of culture in future prosperity.
- Bengaluru became the 41st city & only Indian city to join the forum; the network currently has 40 cities spanning 6 continents.
- Bengaluru being the latest addition is set to join the league of cities like New York, London, Paris, Tokyo and Dubai among others.
- Bengaluru will be proudly represented by Prashanth Prakash, the eminent visionary behind the UnboxingBLR Foundation.
- A participative project called Unboxing Bangalore, to create a new narrative around Bengaluru through multimedia properties, have been representing the city and leading the discussions.
Click here to know about complete list of WCCF Cities
About WCCF :
- Founded : August 2012
- Chair : Justine Simons (London Deputy Mayor for Culture and Creative Industries)
Chhattisgarh signs MOU with Tata Technologies to transform 36 Industrial Training Institutes into Industry 4.0 Technology Hub
- The Chhattisgarh government has signed a Memorandum of Understanding (MoU) worth Rs 1,188.36 crore with Indian multinational product engineering company, Tata Technologies Limited to transform 36 government Industrial Training Institutes (ITIs) into an Industry 4.0 Technology Hub.
- The ITIs to be transformed are of Baikunthpur, Odgi Wadrafnagar, Mainpat, Bagicha, Lormi, Koni-Bilaspur, Korba, Janjgir, Akaltara, Hasaud, Raigarh, Kharsiya, Rajnandgaon, Dongargaon, Manpur, Chhuikhadan, Pandariya, Gunderdehi, Dallirajhara, Gurur, Durg, Patan, Dharsiwa, Hirapur, Arang, Abhanpur, Bhatapara, Simga, Bagbahra, Pithora, Kanker, Antagarh, Charama, Nagarnar, and Dantewada regions.
Aim :
- To train over 10,000 youth annually in advanced skills, fostering better employment opportunities and will also provide employment opportunities to the skilled youth.
- The MoU was signed between the state’s Department of Technical Education and Skill Development and Tata Technologies in the presence of chief minister Bhupesh Baghel.
- The collaboration will offer 6 new trades and 23 new short-term courses in 36 ITIs, with state-of-the-art technical workshops and trainer arrangements.
About Tata Technologies Limited :
- Founded : 1989
- Headquarters : Pune, Maharashtra, India
- MD & CEO : Warren Harris
- It is a subsidiary of Tata Motors.
About Chhattisgarh :
- Governor : Biswabhusan Harichandan
- Chief Minister :Bhupesh Baghel
- Capital : Raipur
- National Park : Guru Ghasi Das (Sanjay) National Park, Kanger Valley National Park
- Wildlife Sanctuary : Achanakmar Wildlife Sanctuary, Barnawapara Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS NEWS
Union Finance Minister, Smt. Nirmala Sitharaman launched both the AMC Repo Clearing Limited (ARCL) and Corporate Debt Market Development Fund (CDMDF).
- Union Minister of Finance and Corporate Affairs Nirmala Sitharaman inaugurated the Corporate Debt Market Development Fund (CDMDF) and initiated the muhurat trading on Limited Purpose Clearing Corporation mechanism called AMC Repo Clearing Limited (ARCL), in Mumbai.
- The Secretary, Department of Economic Affairs (DEA) Shri Ajay Seth; Chairperson, Securities and Exchange Board of India (SEBI) Smt. Madhabi Puri Buch; and many leading market participants were present on the occasion.
- Both initiatives intend to deepen the functioning of the corporate debt markets.
- The Union Finance and Corporate Affairs Minister, in her speech for the Union Budget of 2021-22, announced the creation of a permanent institutional framework to enhance secondary market liquidity in the Corporate Bond market during stressed and normal times, thereby instilling confidence amongst participants in the corporate bond market.
- The Budget announcement has manifested in the form of the Corporate Debt Market Development Fund (CDMDF).
Backstop Facility:
- The Department of Economic Affairs, Ministry of Finance, Government of India, has notified the establishment of ‘Guarantee Scheme for Corporate Debt’ (GSCD) to provide guarantee cover against debt to be raised by the Corporate Debt Market Development Fund (CDMDF) which will act as a backstop in the corporate debt market, in times of market dislocation.
- The genesis of the backstop facility was set forth as part of the Union Budget 2021-22 announcement, wherein the Central Government, to develop the corporate debt market in India announced
What is AMC repo clearing limited?
- AMC Repo Clearing Limited (ARCL) and Corporate Debt Market Development Fund (CDMDF) are launched on July 28. ARCL offers clearing and settlement services to all trades executed on NSE and BSE, under tri-party repo in corporate debt securities with risk management, along with a guarantee mechanism.
Recent News
- The Union Finance Minister Smt Nirmala Sitharaman announced that India and the Organisation for Economic Cooperation and Development (OECD) are launching a pilot programme on tax and financial crime investigation for South Asia from July 18, 2023.
- The Securities and Exchange Board of India (Sebi) has announced the framework to set up the Corporate Debt Market Development Fund (CDMDF), an alternative investment fund regulated by the capital markets regulator.
CURRENT AFFAIRS: MOUS AND AGREEMENT
An MoU was signed between CeNSE at IISc and LAM Research for collaboration.
- Ministry of Electronics and IT (MeitY) announced the exchange of signing of a Memorandum of Understanding (MoU) between the Centre for Nano Science and Engineering (CeNSE) at the Indian Institute of Science (IISc), Bengaluru and Lam Research India at the ongoing SemiconIndia in Gandhinagar
- The collaboration, initiated by this Ministry, brings together the academic excellence of IISc’s CeNSE and the global expertise of Lam Research, a renowned supplier of innovative wafer fabrication equipment.
- Lam Research’s ambitious goal is to utilise Semiverse Solutions to develop a 60,000-strong workforce in nano-fabrication in India over the next 10 years.
- The core objective of this collaboration is to jointly develop a customised course offering for Indian universities, dedicated to teaching semiconductor fabrication technology.
- This will utilise Lam Research’s cutting-edge Semiverse Solutions virtual fabrication software, SEMulator3D.
- The IISc and Lam Research will collaboratively develop the framework for the Pilot Course syllabus.
- The first stage is expected to be completed by December 2023, with the second stage anticipated to be concluded by June 2024.
- The announcement was made in the presence of Minister of State for Skill Development & Entrepreneurship and Electronics & IT Shri Rajeev Chandrasekhar, MeitY Secretary Shri Alkesh Kumar Sharma, President SEMI Shri Ajit Manocha and senior officials of the Government and Industries.
India and Papua New Guinea have recently signed a Memorandum of Understanding (MoU) to share India Stack.
- Ministry of Electronics and Information Technology (MeitY) of India and the Ministry of Information and Communication Technology (MICT) of Papua New Guinea have signed a Memorandum of Understanding (MoU) to share INDIA STACK — a collection of open APIs and digital public goods that aim to facilitate identity, data, and payment services on a large scale.
- This collaboration comes after the Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT, Shri Rajeev Chandrasekhar met with Timothy Mark Masiu, MP & Minister for ICT, Papua New Guinea. During the meeting, they discussed cooperation in the fields of IT, emerging technologies, and the India stack.
- The MoU was signed in the presence of Mr Abhishek Singh, President & CEO of the National eGovernance Division, Ministry of Electronics and IT, Government of India, Mr Sushil Pal, Joint Secretary, Ministry of Electronics and IT, Government of India, as well as senior officials from the Ministry of External Affairs & National E-Governance Division, MeitY.
- The MoU is expected to enhance capacities and facilitate sharing and implementation of population-scale Digital Public Infrastructure and Transformational Platforms/projects to improve living standards and enhance efficiency and transparency in governance.
- Earlier in June 2023, India signed MoU with four countries on sharing INDIA STACK during the meeting.
- Around 150 foreign delegates from 50 countries and over 250 delegates attended the summit in person and more than 2000 persons attended the summit live.
About Papua New Guinea
- Capital: Port Moresby
- Prime minister: James Marape
- Currency: Kina
Recent News
- Companion of the Order of Logohu: Papua New Guinea conferred the highest civilian award for championing the cause of unity of Pacific Island countries and spearheading the cause of Global South.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
India’s UN Ambassador Ruchira Kamboj assumes chairmanship of 62nd Session of UN Commission for Social Development
- India’s permanent ambassador to the United Nations (UN) Ruchira Kamboj has assumed the chair of the 62nd Session of the Commission for Social Development (CSocD) and stressed its crucial role in addressing social challenges.
- India is a member of the 62nd session of the Commission for Social Development, and its term expires in 2027.
- The central theme for the 62nd session is “Fostering Social Development and Social Justice through Social Policies to accelerate progress on the Implementation of the 2030 Agenda for Sustainable Development and to achieve the overarching goal of poverty eradication.”
- This theme underscores the vital connection between social development and social justice, as they form the bedrock for achieving the Sustainable Development Goals.
Key Highlights :
- Earlier, on February 15,2023 India was elected as the Chair of the 62nd Session of the CSocD, marking a momentous occasion, as it is the first time since 1975 that India has held this esteemed position within the Commission for Social Development.
- The Chair is backed by Vice-Chairs from Luxembourg, North Macedonia, Dominican Republic, and a forthcoming African State election.
About UN CSocD :
- Founded : 16 February 1946
- Headquarters : New York, United States of America
- The CSocD is one of the eight functional commissions established by the United Nations Economic and Social Council (ECOSOC) since 1946 to advise and assist it in carrying out its work.
- CSocD meets once a year at the United Nations Headquarters in New York City, USA usually in February for about two weeks.
- Its main responsibility is to review, on a periodic basis, issues related to the follow-up and implementation of the Copenhagen Declaration on Social Development and the Programme of Action of the World Summit for Social Development and the outcome of the 24th special session of the General Assembly.
- The commission has 46 members, who are elected by the ECOSOC, based on equitable geographical distribution for 4-year terms.
IPCC elected UK Professor Jim Skea as its new Chair
- United Kingdom (UK) Professor Jim Skea has been elected as the new chair of the Intergovernmental Panel on Climate Change (IPCC), the globally authoritative United Nations (UN) body on climate change science.
- The election took place during the 59th plenary session of the IPCC in Nairobi, Kenya.
- He was elected by 90 votes to 69 in a run-off with Thelma Krug of Brazil.
- With nearly 40 years of climate science experience and expertise, Jim Skea will lead the IPCC through its 7th assessment cycle.
- 4 candidates ran for the Chair of the IPCC they are Thelma Krug (Brazil), Debra Roberts (South Africa), Jim Skea (United Kingdom), Jean-Pascal van Ypersele (Belgium).
- Among the 4 candidates 2 were women.
- These were the first elections in the history of the IPCC with women candidates running for this position.
- The IPCC completed its Sixth Assessment Report (AR6) in March 2023.
About Jim Skea :
- He was a founding member of the UK Government’s Committee on Climate Change and currently chairs Scotland’s Just Transition Commission.
- He has served as a member of the Bureau since 2008, first as Vice-Chair of Working Group III, and then as Co-Chair from 2015.
- He was a co-author of the 2018 Special Report on Global Warming of 1.5 °C., 2019 Special Report on Climate Change and Land and the 2022 report on the Mitigation of Climate Change
About IPCC :
- Established : 1988
- Headquarters : Geneva, Switzerland
- IPCC is an intergovernmental body of the United Nations. Its job is to advance scientific knowledge about climate change caused by human activities.
- The World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP) established the IPCC.
Justice Alok Aradhe sworn in as Chief Justice of Telangana High Court
- Justice Alok Aradhe was sworn in as the Chief Justice of the Telangana High Court at Raj Bhavan, Telangana.
- He was administered the oath of office by the Governor, Tamilisai Soundararajan.
- He succeeds Justice Ujjal Bhuyan, who is elevated as Judge of the Supreme Court of India.
About Justice Alok Aradhe :
- Justice Alok Aradhe was appointed as the Additional judge of the High Court of Madhya Pradesh on December 29, 2009 and Permanent Judge on February 15, 2011.
- He took oath as Judge of Karnataka High Court on November 17, 2018 and assumed charge as the Acting Chief Justice of Karnataka High Court on July 3, 2022.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
CCI approves acquisition of 59.38% stake in Unichem Laboratories by Ipca Laboratories
- The Competition Commission of India (CCI) granted approval to the proposed combination involving acquisition of shareholding up to 59.38% of Unichem Laboratories Limited (Target)by Ipca Laboratories Limited (Acquirer).
Key Highlights :
- The proposed combination pertains to proposed acquisition of ~33.38% of the issued and paid-up equity voting share capital (on a fully diluted basis) of the Target by the Acquirer pursuant to a share purchase agreement.
- Further, since the Acquirer is acquiring >25% shareholding in the Target, which is a listed company, the Acquirer is required to make an open offer for the purchase of equity shares up to 26% of the Target’s equity share capital in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- The Acquirer will acquire up to 59.38% shareholding of the Target (Proposed Combination).
- Ipca Laboratories Limited is a pharmaceutical company that manufactures formulations and active pharmaceutical ingredients for various therapeutic segments.
- Unichem Laboratories Limited is active in the sale of formulations, active pharmaceutical ingredients, intermediates, and contract manufactured finished formulation dosages, globally.
About CCI :
- Established : 14 October 2003
- Headquarters : New Delhi, Delhi, India
- Chairperson : Ravneet Kaur
- The CCI is the chief national competition regulator in India.
- It is a statutory body within the Ministry of Corporate Affairs.
CURRENT AFFAIRS : DEFENCE NEWS
ThyssenKrupp Marine Systems and Mazagon Dock Shipbuilders Sign Contract for Modernization of Indian Submarine INS SHANKUSH
- Thyssenkrupp Marine Systems (TKMS), the Germany-based leading naval company, has signed a Memorandum of Understanding (MoU) with Indian defence PSU Mazagon Dock Shipbuilders Limited (MDL) for the overhaul and modernisation of submarine Indian Navy Ship (INS) Shankush to extend its operational capability.
- The Ministry of Defence (MoD) had signed a ₹2,725-crore contract with MDL for the Medium Refit with Life Certification (MRLC) of INS Shankush, a Howaldtswerke-Deutsche Werft (HDW) class submarine, to extend its life.
- The first submarine in this class is undergoing MRLC and is likely to be back on sail by August, 2023.
- INS Shankush, a Subsurface Killer (SSK) class submarine, will be delivered to the Navy after MRLC in 2026.
About INS Shankush :
- INS SHANKUSH is the second submarine in a series of four HDW Class 209 Type 1500 boats that are all still in service.
- The submarines were built and delivered for the Indian Navy in the 1980s as part of a German-Indian cooperation.
Recent News :
- In June 2023, thyssenkrupp Marine Systems signed a Memorandum of Understanding (MoU) with MDL on the intended construction of conventional, air-independent-propulsion submarines.
About Thyssenkrupp Marine Systems :
- Founded : January 5, 2005
- Headquarters : Germany
- Chairman & CEO : Oliver Burkhard
- TKMS will be responsible for supplying material packages of selected systems, equipment and components as well as for on-site technical support and pressure hull inspection.
About MDL :
- Founded : 1934
- Headquarters : Mumbai, Maharashtra, India
- Chairman & MD : Sanjeev Singhal
- MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of India holding an 84.83% stake.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
IoTechWorld Avigation Receives DGCA certification for new agri-drone model -AGRIBOT A6
- Agri-drone manufacturer IoTechWorld Avigation Private Limited has obtained a Type Certificate (TC) from the Directorate General of Civil Aviation (DGCA) for its latest drone model, the ‘AGRIBOT A6 (2nd drone from IoTechWorld).
- The drone, which is an upgraded version of its predecessor, was designed and manufactured indigenously by IoTechWorld.
What is a Type Certificate?
- Type Certificate for drones is an official document issued by the DGCA certifying that a specific type of drone meets all the technical parameters and safety standards for operation in India.
- Type certification is mandatory for startups prior to undertaking operations under the Drone Rules, 2021
About ‘AGRIBOT A6.’ :
- ‘AGRIBOT A6.’ model is 30% more compact compared to the previous model and much more stable and reliable.
- The ‘AGRIBOT A6′ is highly transportable and easy to operate due to its compact design.
- AIF (Agriculture Infrastructure Fund) is available for AGRIBOT A6 in which 90% collateral free loan is available at 3% subvention on the interest rate.
Recent News :
- In June 2022, Shri Jyotiraditya M. Scindia, Union Minister of Civil Aviation, awarded the first Type Certificate (TC) under Drone Rules, 2021 to IoTechWorld Avigation Pvt Ltd.
About Iotechworld Avigation Private Limited :
- Established : 2017
- Headquarters : Gurgaon, Haryana
- Co-Founder and Director : Deepak Bhardwaj
About DGCA :
- Headquarters : New Delhi, Delhi, India
- Director General : Vikram Dev Dutt
- The DGCA is a statutory body of the Government of India to regulate civil aviation in India.
- It became a statutory body under the Aircraft (Amendment) Act, 2020.
CURRENT AFFAIRS: SPORTS NEWS
The Indian Women’s team won three gold medals at the FISU Summer World University Games held in Chengdu, China.
- India opened its account at the FISU Summer World University Games with three gold medals on the opening day of the medal events in Chengdu, China.
- The Indian Women’s team comprising Manu Bhaker, Yashaswini Deswal and Abhidnya Patil clinched gold in the 10m Air Pistol event, ahead of China and Iran.
- Manu Bhaker also secured the gold medal in the women’s individual 10m Air Pistol with a score of 239.7 points in the final.
- Hungary’s Fabian Sara bagged silver while Yu-Ju Chen of Chinese Taipei earned the bronze medal.
- Elavenil Valarivan topped the charts to secure India’s third gold with an overall score of 252.5, pipping USA’s Mary Tucker by 2.1 points in the 10m Air Rifle.
- India currently leads the gold medal charts with China ranked second with two golds and five medals overall.
About China:
- President: Xi Jinping
- Capital: Beijing
- Currency: Renminbi
Recent News
- The head of the United Nations (UN) Food and Agriculture Organization (FAO), Qu Dongyu, was re-elected for a second term as head of the FAO.
- India’s Dipika Pallikal and Harinder Pal Sandhu won the gold medal at the Asian Mixed Doubles Squash Tournament in Hangzhou, a test event for the upcoming Hangzhou Asian Games, in September.
India clinched four medals, including three golds, on the second day of the Sri Lanka Athletics National Championships:
- In Athletics, Indian athletes won four medals with three gold and one silver on the second day at the Sri Lanka Athletics National Championships 2023.
- Preeti Lamba won the gold medal in the women’s 3000 metre steeplechase while Bal Kishan came in first in the men’s 3000 metre steeplechase final. Sonia Baishya also clinched the gold medal in the women’s 400 metres.
- On the other hand, Jisna Mathew finished second in the same event.
- Indian athletes had clinched four medals – two gold and two silver – on the opening day of the competition as well.
- Preeti topped the podium in the women’s 3000m steeplechase event with a time of 10:13.06s.
- The 27-year-old was competing in the four-women field.
- In the men’s 3000m steeplechase, India’s Bal Kishan, clocked 8:51.34s to secure the gold medal.
- In the women’s 400m final, Sonia Baishya pipped Jisna Mathew, a former Asian champion, to the top place on the podium.
- Sonia Baishya clocked 53.46s while Jisna Mathew finished with a time of 53.75s.
- Apart from Indians, athletes from the Maldives are also participating in the 101st Sri Lankan athletics nationals.
About Sri Lanka
- Capitals: Colombo, Sri Jayawardenepura Kotte
- Currency: Sri Lankan Rupee
- Prime minister: Dinesh Gunawardena
CURRENT AFFAIRS : OBITUARIES
Czech-born French writer & author of ‘The Unbearable Lightness of Being’ Milan Kundera Passed away
- Milan Kundera, Czech-born French writer, best known for his book ‘The Unbearable Lightness of Being’ has passed away at the age of 94 in Paris, France.
About Milan Kundera :
- Milan Kundera was born on 1 April 1929 in Brno, Czech Republic.
- He went into exile in France in 1975, acquiring citizenship in 1981.
- His Czechoslovak citizenship was revoked in 1979, but he was granted Czech citizenship in 2019.
- His notable works include The Joke (1967), The Book of Laughter and Forgetting (1979), The Unbearable Lightness of Being (1984).
Awards & Honors :
- He was awarded the 1985 Jerusalem Prize, the Austrian State Prize for European Literature in 1987 and the 2000 Herder Prize.
- In 2021, he was honoured with the Golden Order of Merit from the president of Slovenia.
CURRENT AFFAIRS: IMPORTANT DAYS
World Day Against Trafficking in Persons 2023: July 30
- Every year, World Day Against Trafficking in Persons 2023 is observed on 30th July to build awareness of the anxiety of human trafficking victims and to promote and protect their rights.
- The theme of World Day against Trafficking in Persons 2023 is “Reach every victim of trafficking, leave no one behind”.
- In 2010, the United Nations General Assembly adopted the Global Plan of Action to deal with trafficking in persons, urging governments all around the world to make coordinated and consistent efforts to defeat this misfortune.
- The plan has a motive to integrate the fight against human trafficking into the broader programs of the United Nations to stimulate development and strengthen security all over the world.
- One of the important provisions in the plan is to establish a UN Voluntary Trust Fund for victims of trafficking including women and children.
- In 2013, the UN General Assembly arranged a high-level meeting to work on the Global Plan of Action.
- The member states took on a resolution A/RES/68/192 and designated 30 July as the World Day against Trafficking in Persons.
World Ranger Day 2023: July 31
- Every year World Ranger Day is celebrated on the 31st of July to commemorate Rangers who have been injured or killed in the line of duty.
- The 2023 World Ranger Day theme is ’30 by 30′
- The first World Ranger Day took place in 2007, the date represented the 15th anniversary of when the IRF was founded.
- IRF stands for the International Ranger Federation.
- This organization was founded in 1992.
- It was founded when the SCRA (Scottish Countryside Rangers Association), ANPR (US Association of National Park Rangers) and the CMA (Countryside Management Association, the association that represents rangers in Wales and England) got together to sign a joint agreement.
- Rangers are the first ones to indulge in a fight to protect our natural heritage around the world.
- So, World Ranger Day 2023 is observed to honour them and to pay tribute to rangers who lost their lives while performing their duty.
Daily CA One-Liner: July 30 & 31
- The Directorate General of Civil Aviation (DGCA) has imposed a fine of 30 lakh rupees on Indigo Airlines for certain systemic deficiencies in documentation about operations, training procedures, and engineering procedures.
- India’s tiger population is estimated to be 3 thousand 925 with an annual growth rate of 6.1%per annum.
- Union Minister of Health & Family Welfare, Dr Mansukh Mandaviya addressed the 7th Meeting of the Central Institute Body (CIB) of AIIMS and Chintan Shivir at the National Institute for Health and Family Welfare.
- Union Home Minister and Minister of Cooperation, Shri Amit Shah released the ‘Dr. APJ Abdul Kalam: Memories Never Die’ book in Rameshwaram.
- Union Minister of Finance and Corporate Affairs Nirmala Sitharaman inaugurated the Corporate Debt Market Development Fund (CDMDF) and initiated the muhurat trading on Limited Purpose Clearing Corporation mechanism called AMC Repo Clearing Limited (ARCL), in Mumbai.
- Ministry of Electronics and IT (MeitY) announced the exchange of signing of a Memorandum of Understanding (MoU) between the Centre for Nano Science and Engineering (CeNSE) at the Indian Institute of Science (IISc), Bengaluru and Lam Research India at the ongoing SemiconIndia in
- Ministry of Electronics and Information Technology (MeitY) of India and the Ministry of Information and Communication Technology (MICT) of Papua New Guinea have signed a Memorandum of Understanding (MoU) to share INDIA STACK — a collection of open APIs and digital public goods that aim to facilitate identity, data, and payment services on a large scale.
- India opened its account at the FISU Summer World University Games with three gold medals on the opening day of the medal events in Chengdu, China.
- In Athletics, Indian athletes won four medals with three gold and one silver on the second day at the Sri Lanka Athletics National Championships 2023.
- Every year, World Day Against Trafficking in Persons 2023 is observed on 30th July to build awareness of the anxiety of human trafficking victims and to promote and protect their rights.
- Every year World Ranger Day is celebrated on the 31st of July to commemorate Rangers who have been injured or killed in the line of duty.
- Capital markets regulator Securities and Exchange Board of India (SEBI) came out with an exhaustive framework for the Corporate Debt Market Development Fund (CDMDF).
- Liberty General Insurance, one of the leading non-life insurance companies in India, has been appointed as the “Lead Insurer” for Delhi by the Insurance Regulatory and Development Authority of India (IRDAI).
- Small Industries Development Bank of India (SIDBI) has participated as an anchor investor in Promising Lenders Fund (PLF) managed by Vivriti Asset Management with an aggregate target corpus of ₹700 crore in two tranches.
- Securities Appellate Tribunal (SAT) fined Securities and Exchange Board of India (SEBI) with ₹10 lakh over investor complaint probe.
- Regulations for delisting of shares are being reviewed by Securities and Exchange Board of India (SEBI) & an advisory committee under Keki Mistry has been constituted to relook at the delisting regulations.
- Often hailed as India’s Silicon Valley and recognized as the country’s fastest-growing metropolis, Bengaluru, Karnataka has become the first Indian city to become part of the World Cities Culture Forum (WCCF) a global network of cities that share research and intelligence, and explore the role of culture in future prosperity.
- The Chhattisgarh government has signed a Memorandum of Understanding (MoU) worth Rs 1,188.36 crore with Indian multinational product engineering company, Tata Technologies Limited to transform 36 government Industrial Training Institutes (ITIs) into an Industry 4.0 Technology Hub.
- India’s permanent ambassador to the United Nations (UN) Ruchira Kamboj has assumed the chair of the 62nd Session of the Commission for Social Development (CSocD) and stressed its crucial role in addressing social challenges.
- United Kingdom (UK) Professor Jim Skea has been elected as the new chair of the Intergovernmental Panel on Climate Change (IPCC), the globally authoritative United Nations (UN) body on climate change science.
- Justice Alok Aradhe was sworn in as the Chief Justice of the Telangana High Court at Raj Bhavan, Telangana & he succeeded Justice Ujjal Bhuyan, who was elevated as Judge of the Supreme Court of India.
- The Competition Commission of India (CCI) granted approval to the proposed combination involving acquisition of shareholding up to 59.38% of Unichem Laboratories Limited (Target)by Ipca Laboratories Limited (Acquirer).
- Thyssenkrupp Marine Systems (TKMS), the Germany-based leading naval company, has signed a Memorandum of Understanding (MoU) with Indian defence PSU Mazagon Dock Shipbuilders Limited (MDL) for the overhaul and modernisation of submarine Indian Navy Ship (INS) Shankush to extend its operational capability.
- Agri-drone manufacturer IoTechWorld Avigation Private Limited has obtained a Type Certificate (TC) from the Directorate General of Civil Aviation (DGCA) for its latest drone model, the ‘AGRIBOT A6 (2nd drone from IoTechWorld).
- Milan Kundera, Czech-born French writer, best known for his book ‘The Unbearable Lightness of Being’ has passed away at the age of 94 in Paris, France.