Current Affairs

25 April, 2022


IFSCA Issues Framework for Investment Funds

The International Financial Services Centres Authority (IFSCA), has notified ‘International Financial Services Centres Authority (Fund Management) Regulations, 2022’, a comprehensive regulatory framework for Investment Funds in the official gazette on April 19, 2022.
Key features of the regulations:
i.Registering the Fund Management Entity: A Fund Management Entity will be registered with IFSCA and will be allowed to manage various types of funds and schemes if they match the eligibility criteria.
ii.Green Channel:Venture Capital Schemes or non-retail schemes that solicit money only from authorised investors qualify for the green channel.It implies that after filing with the IFSCA, investors will be able to subscribe to the schemes that have been registered.

iii. Exchange Traded Funds (ETFs): As ETFs offer a low-cost option to get exposure to specific markets or asset classes, registered fund managers in the IFSC will be permitted to create not only index-based ETFs, but also Active ETFs and Commodity-based ETFs.
About International Financial Services Centres Authority (IFSCA):
It is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.

Navy Chief Unveiled Joint Navigation Chart in The Maldives

In his first overseas visit since assuming the office of the Chief of the Naval Staff (CNS), Admiral R Hari Kumar held several high-level bilateral meetings during a three-day visit to the Maldives on April 18-20, 2022. The CNS met with President of the Maldives Ibrahim Mohamad Solih; Foreign Minister Abdulla Shahid, Defence Minister Mariya Ahmed Didi and Chief of the Defence Force (CDF) Major General Abdulla Shamaal during his visit.

His visit strengthened the two maritime neighbours’ strong and long-standing bilateral relations, driven by Prime Minister of India Narendra Modi’s “Five S” Vision: Sammaan (Respect), Samvaad (Dialogue), Sahyog (Cooperation), Shanti (Peace), and Samriddhi (Prosperity).
Highlights Of the Visit:
The India-Maldives hydrographic cooperation:
i.Admiral Kumar hosted a reception on board Indian Naval Ship (INS) Sutlej on 18 April 2022 in honour of the Maldives’ Defence Minister and the leadership of the Maldives National Defence Forces (MNDF), with the goal of exploring new pathways for expanding the scope of bilateral cooperation in the defence and maritime domains. Under a Memorandum of Understanding (MoU) on hydrographic cooperation, INS Sutlej is presently deployed to the Maldives to conduct a joint hydrographic survey.

ii.The Navy Chief also unveiled the first ‘Navigation Chart,’ co-produced by India and the Maldives, and handed over hydrography equipment to the Maldivian National Defence Forces (MNDF) to help them consolidate their capabilities.
Mission Sagar: During the COVID-19 pandemic, India and the Maldives collaborated closely under the Indian Navy’s outreach campaign “Mission SAGAR” and ‘Operation Samudra Setu’, which focused on resource mobilisation and people transportation.
Developing Defence Partnerships: India and the Maldives have partnered extensively in a number of bilateral, mini-lateral, and multilateral fora, including the Indian Ocean Naval Symposium and the Colombo Security Conclave, on maritime security concerns in the Indian Ocean.
Note: In November 2021, Maldives Defence Minister Mariya Ahmed Didi was the Chief Guest at the Indian Naval Academy’s Passing Out Parade.

Colonel Ibrahim Hilmy, Commandant of the Maldives Coast Guard, led the Maldives Delegation at MILAN-2022, India-led multilateral naval exercise, which was held by India in Visakhapatnam in February 2022.


ISRO arm NSIL & OneWeb inks Pact for Satellite Launches

The New Space India Limited (NSIL), a commercial arm of Indian Space Research Organisation (ISRO) and OneWeb, inked an agreement to complete oneweb’s Satellite Launch Programme.
Note: OneWeb has active service at the 50th parallel and above latitudes with its existing network.
About OneWeb:
i.OneWeb is co-owned by India’s Bharti Group and the United Kingdom (UK) Government, with Eutelsat Communications, SoftBank, Hughes Network Systems, Hanwha among major shareholders.
Headquarters – London, United Kingdom
Chief Executive Officer – Neil Masterson

IIT-D inks MoU with POSOCO to Conduct R&D on India’s Power Sector

The Northern Regional Load Despatch Centre (NRLDC) of Power System Operation Corporation Limited (POSOCO) and Indian Institute of Technology Delhi (IIT-D) signed a Memorandum of Understanding (MoU) to encourage research and development on issues related to India’s power sector and strengthen interaction between the academia and industry.
i.The MoU aimed at strengthening industry-academia interaction with goals of knowledge sharing and capacity building through collaboration.
ii.It also encourages research on issues related to India’s power sector such as ancillary services for grid operations, short term demand and Renewable Energy forecasting using artificial intelligence and machine learning, dynamic security assessment, phasor measurement, unit analytics etc.
i.The MoU was signed by Rajiv Kumar Porwal, Head of NRLDC (POSOCO) and Retd. Colonel Naveen Gopal, Chief Operating Officer, Foundation for Innovation and Technology Transfer (FIIT) at IIT-D campus and Officers from NRLDC (POSOCO).
Note: IIT-D had earlier also partnered with the Delhi Jal Board (DJB) to conduct research and development initiatives on water supply and distribution such as wastewater conveyance, treatment, recycle, reuse and disposal.
About Power System Operation Corporation Limited (POSOCO):
i.The POSOCO is a wholly owned Government of India Enterprise under the Ministry of Power and Renewable Energy, responsible to ensure the integrated operation of the National Electricity grid in a secure manner.
ii.Under Electricity Act, 2003, it consists of five Regional Load Despatch Centres (RLDCs) and the National Load Despatch Centre (NLDC).
Headquarters – New Delhi, Delhi
Chairman & Managing Director – S R Narasimhan

Highlights of PM Narendra Modi’s Visit to Gujarat

i.The Prime Minister (PM) of India Narendra Modi was on a three-day visit to Gujarat to attend programs in Gandhinagar, Banaskantha, Jamnagar and Dahod, covering different sectors, and to boost Ease of Living for people.
ii.PM Narendra Modi laid the foundation stone of World Health Organisation (WHO) Global Centre for Traditional Medicine (GCTM) in Jamnagar, Gujarat in the presence of WHO Director-General Tedros Ghebreyesus and PM of Mauritius Pravind Kumar Jugnauth. It is the 1st and only global outpost centre for traditional medicine across the world.
iii.He also laid the foundation stone for manufacturing of 9000 HP (Horsepower) Electric Locomotives at the Production Unit in Dahod. The cost of the project is around Rs 20,000 crore.
iv.PM Narendra Modi attended the Adijati Maha Sammelan in Dahod where he inaugurated and laid the foundation stone of various development projects worth around Rs 22,000 crore.
About Gujarat:
Chief Minister– Bhupendrabhai Patel
Stadium– Bilakhia Stadium, CB Patel International Cricket Stadium, Pandit Deendayal Upadhyay Stadium
Dance– Tippani, Hudo, Padhar

NITI Aayog Signs SoI with UNICEF India On SDGs Focusing on Children

The National Institution for Transforming India (NITI) Aayog, India’s leading policy think tank, has inked a Statement of Intent (SoI) on the Sustainable Development Goals (SDGs) with an emphasis on children with the United Nations Children’s Fund (UNICEF) India.
The SoI intends to formalize a framework of cooperation in order to launch the first report on the “State of India’s Children: Status and Trends in Multidimensional Child Development,” emphasizing a mutual commitment to achieving children’s rights in India.
It focusses on multidimensional aspects of child development such as health, education, nutrition, protection, and other relevant areas.
The SoI was signed by Ms. Sanyukta Samaddar, Nodal Officer-SDGs, NITI Aayog, and Ms. Hyun Hee Ban, Chief of Social Policy, UNICEF India.
About NITI Aayog:
The NITI Aayog was established by a Union Cabinet resolution with the purpose of providing directional and policy inputs to the Government of India.
CEO -Amitabh Kant
Establishment – 2015
Headquarters – New Delhi, Delhi


BHIM UPI Becomes Operational at NEOPAY Terminals In The UAE

The National Payment Corporation of India’s (NPCI) international arm, NPCI International Payments Ltd (NIPL), has announced that BHIM UPI (Bharat Interface for Money-Unified Payments Interface) has gone operational at NEOPAY terminals across the United Arab Emirates (UAE). This initiative will empower Indian tourists to pay at NEOPAY terminals using BHIM UPI, which has become the preferred means of payment for Indian citizens.
In 2021, NIPL and NEOPAY collaborated to build the acceptance infrastructure in the UAE.
NOTE: NEOPAY is the payment subsidiary of Mashreq Bank, the UAE’s oldest bank and a leading financial institution in the Middle East.

About NPCI International Payments Ltd (NIPL):

NPCI International Payments Limited (NIPL) is a wholly owned subsidiary of National Payments Corporation of India (NPCI). NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India.
CEO – Ritesh Shukla
Establishment – 2020
Headquarters – Mumbai, Maharashtra

RBI mandates Borrowers with Exposure of Rs 5cr and above to obtain LEI; UCBs to Eliminate Honorary Positions within 1 year

i.The Reserve Bank of India (RBI) mandates non-individual borrowers with aggregate exposure of Rs 5 crore and above from Banks and Financial Institutions (FIs) should obtain Legal Entity Identifier (LEI) codes.
ii.These directions are issued under sections 21, 35A and 56 of the Banking Regulation (BR) Act, 1949, sections 45JA and 45L of the RBI Act, 1934, section 30A of the National Housing Bank (NHB) Act, 1987 and section 6 of the Factoring Regulation Act, 2011.
iii.RBI in exercise of its powers conferred under Section 35A and Section 36(1)(d) of the BR ACT, 1949 barred Urban Cooperative Banks (UCBs) from creating honorary position or title such Chairman Emeritus and Group Chairman at the board level.
About Reserve Bank of India (RBI):
i.The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.


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Nobel Peace Prize Laureate José Ramos-Horta Declares victory in East Timor’s Presidential Election

Independence leader and Nobel Peace Prize laureate José Ramos-Horta has been declared victory in the 2022 Presidential Elections of Timor-Leste, or East Timor (former Portuguese colony). He will be sworn into office on 20th May 2022, which marks the 20th anniversary of East Timor’s independence. According to the Secretariat for Electoral Administration (STAE), he has secured 62.09%, against incumbent President Francisco Guterres, popularly known as Lú-Olo, who secured 37.91% of the vote. The total turnout in the March 19 election was 77.26% which is 6% higher than in 2017.

About José Ramos-Horta:
i.José Ramos-Horta was born on 26th December 1949 in Dili, East Timor.
ii.He has served as the Prime Minister and Minister of Defence of East Timor from 2006 to 2007 and served as the President of East Timor from 2007 to 2012.
iii.He has also served as the Minister for Foreign Affairs and Cooperation from 2002 to 2006.
iv.He has been a Member of the Global Leadership Foundation since 2013.
i.He won the Nobel Peace Prize in 1996 for their work toward a just and peaceful solution to the conflict in East Timor. He shared the prize with Carlos Filipe Ximenes Belo. Between 1975 and 1999, José Ramos-Horta travelled extensively lobbying governments and creating networks of supporters for the cause of East Timor.

ii.He has also won several awards including the Order of Timor-Leste (2012) and the Order of Dom Boaventura (2006).
About East Timor:
Timor-Leste or East Timor is a Southeast Asian nation which occupies around half the island of Timor.
President– Francisco Guterres
Capital– Dili
Currency– United States Dollar

UNEP Named Sir David Attenborough as Recipient of Champions of the Earth Lifetime Achievement Award 2021

The United Nations Environment Programme (UNEP) has named Sir David Attenborough, English natural history broadcaster and naturalist, as the recipient of the Champions of the Earth Award 2021 under the Lifetime Achievement category, for his dedication to research, documentation, and advocacy for the protection of nature and its restoration.
About Sir David Attenborough:
i.Sir David Attenborough is well known for his innovative educational television programs, especially the nine-part Life series forming the Life collection.
ii.His well-known documentaries include The Green Planet and A Plastic Ocean.
iii.His noted works include the Life series: Life on Earth (1979), The Living Planet (1984), The Trials of Life (1990) and others.
Awards & Honours:
i.He was knighted twice by Queen Elizabeth II in 1985 and again in 2020.
ii.He has won 3 Emmy Awards and 8 British Academy of Film and Television Arts(BAFTA) awards.
i.The year 2022 marks the 50 years since the 1972 UN Conference on the Human Environment in Stockholm, Sweden, which was one of the first international meetings on the environment.
ii.This conference led to the creation of UNEP, which celebrates its 50th anniversary in 2022.
UNEP’s Champions of the Earth Awards:
i.The UNEP’s Champions of the Earth Awards honours individuals, groups, and organizations whose actions have a transformative impact on the environment.
ii.This is the United Nations(UN)’s highest environmental honour.
iii.Since its foundation in 2005, the Champions of the Earth award has honoured 101 laureates, including 25 world leaders, 62 individuals and 14 organizations.
Award Categories:
Lifetime Achievement
Policy Leadership
Inspiration And Action
Science And Innovation
Enterpreneurial Vision
Other Winners of 2021 Champions of the Earth Awards:

Category Winners Country
Policy Leadership Mia Mottley
Prime Minister, Barbados Barbados
Inspiration And Action Sea Women of Melanesia Papua New Guinea and the Solomon Islands
Science And Innovation Dr Gladys Kalema-Zikusoka
Founder and CEO of Conservation Through Public Health (CTPH) Uganda
Enterpreneurial Vision Maria Kolesnikova Kyrgyz Republic

The 2021 Champions of the Earth are part of a legacy of people whose effective action led to the environmental victories that have transformed our societies for the better.

SEBI Issued Rs 2.06 Crore Recovery Notice to Former NSE Chief Ravi Narain

The Securities and Exchange Board of India(SEBI) issued a fine of Rs 2.06 crore on Ravi Narain, former Managing Director (MD) and Chief Executive Officer(CEO) of National Stock Exchange (NSE) in a case related to governance issues over the appointment of the chief strategic officer at NSE in 2013. In two separate orders, SEBI imposed a fine of Rs 5 lakh each on Rexon Strips Ltd and Ritika Enclave Pvt Ltd for non-genuine trades in illiquid stock options on BSE.

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