Topic: Regulatory Bodies/Financial Institutions
1. SEBI has barred 135 entities from accessing the securities market.
- It has barred these entities from selling, buying or dealing in securities because of manipulation of stocks of five small-cap companies.
- SEBI also put a fine of Rs 126 crore on these entities, which were circulating buy recommendations of the scrips of five companies via bulk text messages and websites to investors.
- As a result, there was rapid increase in price and volume in the scrips of five small-cap companies.
- The names of five small-cap companies are Mauria Udyog Ltd., 7NR Retail Ltd., Darjeeling Ropeway Company Ltd., GBL Industries Ltd. and Vishal Fabrics Ltd.
- SEBI has also issued show cause notices to 226 entities for violations of regulations.
2. Hasmukh Adhia has been appointed as Chairman of GIFT City Ltd and as chairman of the boards of GMDC, GACL.
- He is former Union Finance Secretary & Revenue Secretary.
- He replaces Sudhir Mankad as Chairman of GIFT City Ltd. He took charge on 21 June 2023.
- He has also been appointed Director and Chairman of the boards of Gujarat Alkalies & Chemicals Ltd (GACL) and Gujarat Mineral Development Corporation Ltd (GMDC) with immediate effect.
- GACL and GMDC are State public sector undertakings.
- He currently serves as an advisor to the Gujarat Chief Minister. He is a non-executive Chairman of Bank of Baroda.
- Joseph Tsai will replace Daniel Zhang as the chairman of the board of Alibaba. Eddie Wu will take over as chief executive of the company.
- Alibaba is a Chinese multinational conglomerate founded by Jack Ma.
3. New scheme of education and training for chartered accountancy course has been approved by the centre.
- The scheme is likely to be launched from July 1 when ICAI will celebrate 75th anniversary of its foundation.
- President Droupadi Murmu will be the chief guest for the CA foundation day event in New Delhi on 01 July.
- Institute of Chartered Accountants of India (ICAI) is the world’s largest accounting body (members and students put together).
- The new curriculum has been approved by both the law ministry and corporate affairs ministry.
- ICAI has now proposed practical training of two years for CA aspirants. Students currently go through a three year practical training.
- Institute of Chartered Accountants of India (ICAI):
- It was established on 01 July 1949 as a statutory body by the Chartered Accountants Act, 1949.
- It regulates the Chartered Accountancy profession in India. It is headquartered in New Delhi. Aniket Sunil Talati is its president.
Topic: Infrastructure and Energy
4. India has become a power surplus nation in the last nine years.
- It has also become a net exporter of electricity in the last nine years.
- India’s energy shortage has come down from 4.2% in 2014 to around 0.2% in 2023.
- Union Power and New and Renewable Energy Minister R K Singh said that all villages and households have been electrified in India.
- He also said that average hours of supply in rural areas has grown from 12.5 in 2014 to 20.53 in 2023.
- The average hours of supply stands at 23.78 hours for urban areas.
- Non-fossil installed power capacity has increased to 43% now (2023).
- Union Minister said that government has awarded 1,000 megawatt hour battery storage project.
- India has exported 2,410 million units to Bangladesh, Nepal and Bhutan in FY23.
- The minister said 185 gigawatts (GW) of power has been added in the last nine years and country’s cumulative installed capacity has increased to 416 GW.
- India’s total generation capacity is 416 gigawatts. The minister said the highest peak demand has been recorded at 221 gigawatts.
- He also talked about the various reforms that the Ministry has taken during the last nine years. These reforms are given below.
- Electricity (Right to Consumers) Rule for consumer empowerment
- Revamped distribution sector scheme for strengthening distribution
- Real time market
- Late payment surcharge rule to improve sector viability
- General Network Access regime for ease of doing Business
5. India and the United States have decided to end six trade disputes at the World Trade Organisation (WTO).
- India will do away with customs duties on 28 American products like almonds, walnuts, and apples.
- The six disputes include three initiated by India and three initiated by the US.
- At WTO, the first step to resolving a dispute is bilateral consultation.
- If the both sides are not able to resolve a dispute by bilateral consultation, any side can approach setting up of a dispute settlement panel.
- The rulings of panel can be challenged at WTO's appellate body, which is current non-functional due to non-appointment of members.
- The US is the India’s largest trading partner. In 2022-23, bilateral goods trade between two countries increased from $119.5 billion in 2021-22 to $128.8 billion.
- US Company GE Aerospace and Indian aerospace company HAL have signed a MoU to produce fighter jet engines for the Indian Air Force.
- Under the agreement, GE Aerospace’s F414 engines will be co-produced in India to power the Indian Air Force’s Light Combat Aircraft Mk2.
- GE Aerospace is among the top aircraft engine suppliers. It is headquartered in Evendale, Ohio, United States. It is a subsidiary of General Electric.
- Hindustan Aeronautics Limited (HAL):
- It is a government-owned corporation involved in the design, fabrication, and assembly of aircraft, jet engines, and helicopters.
- Its headquarters is located in Bangalore. It was established on 23 December 1940 as Hindustan Aircraft Limited.
- It was established in 1964 as Hindustan Aeronautics Limited. CB Ananthakrishnan is its chairperson and MD.
6. Piramal Enterprises sold its complete 8.34% stake in Shriram Finance in a deal of around ₹4,824 crore.
- It sold its 3.12 crore shares of Shriram Finance via multiple block deals on the National Stock Exchange.
- After the block deals, shares of Shriram Finance surged 15%.
- GIC Singapore was the largest buyer picking up 91.2 lakh shares. It is the sovereign wealth fund of Singapore.
- It was followed by Societe Generale ODI. Societe Generale ODI bought 30.4 lakh shares of Shriram Finance.
- Total 54 buyers took part in the block deals.
- Earlier, TPG India Investments sold its whole 2.65% stake in Shriram Finance for ₹1,390 crore.
- In January 2023, Apax Partners had sold its 2.95% stake for ₹1,300 crore via block deals.
7. Indian Overseas Bank has signed MoU with the Tamil Nadu State Rural Livelihood Mission.
- As part of the MoU, Tamil Nadu State Rural Livelihood Mission will facilitate credit linkage of eligible SHGs with Indian Overseas Bank.
- The MoU will foster the growth of Self Help Groups (SHGs) in Tamil Nadu and provide them with financial support.
- The MoU aims to streamline access to financial resources for SHGs and enable them to undertake entrepreneurial activities.
- It will also increase the disbursal under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Livelihoods Mission) during this fiscal.
- Deendayal Antyodaya Yojana - National Rural Livelihood Mission (DAY-NRLM):
- National Livelihoods Mission (NRLM) was launched by the Ministry of Rural Development (MoRD in June 2011 as a restructured version of Swarna Jayanti Gram Swarozgar Yojna (SGSY).
- In November 2015, it was renamed Deendayal Antyodaya Yojana - National Rural Livelihood Mission (DAY-NRLM)
- It aims at creating institutional platforms for the rural poor which enable them to increase household income through sustainable livelihood enhancements and improved access to financial services.
Topic: Banking System
8. Axis Bank has launched the one-view feature to manage multiple accounts on one platform.
- With the help of this one-view feature, customers can manage their accounts across multiple bank accounts, including non-Axis accounts.
- The feature has been introduced using the open banking principle. It uses the account aggregator ecosystem.
- Customers are able to link their non-Axis Bank accounts. They can get overall view of their balance, transactions and statements on a real-time basis.
- The feature will eliminate the need for multiple mobile banking applications.
- With the help of this feature, customers can download and e-mail transaction details from their linked accounts.
9. Swaminathan Janakiraman has been appointed as RBI Deputy Governor.
- State Bank of India Managing Director Swaminathan Janakiraman has been selected for the post of Deputy Governor in the Reserve Bank of India (RBI).
- The appointment of Swaminathan Janakiraman has been approved by the Appointments Committee of the Cabinet.
- He will replace Deputy Governor M.K. Jain whose five year tenure will end on 30 June, 2023. M.K Jain was appointed to this role in 2018.
- His tenure will be of three years from the date of joining or until further orders, whichever is earlier.
- Dr M.D. Patra, M.R. Rao and T. Rabi Shankar are the other three deputy governors of RBI.
- Out of the four deputy governors, two are traditionally selected from executive directors of RBI. One is nominated from among chairpersons of PSB and the other is an economist.
- RBI can have a maximum of four deputy governors and one governor.
10. Devotees will be able to make digital donations at Puri Jagannath temple during Rath Yatra.
- Paytm has enabled digital donations at Puri Jagannath temple.
- Digital donations can be made using Paytm UPI and Paytm UPI Lite by scanning QR code.
- Devotees across India can also make donations to Shri Jagannath Temple, Puri from the ‘Devotion’ section on Paytm Super App.
- On the occasion of the Rath Yatra, Paytm is offering a VIP Darshan to select devotees making donations through the Paytm app.
Topic: Indian Economy/Financial Market
11. Fitch Ratings raised India’s GDP forecast to 6.3 % for FY 2023-24.
- Fitch Ratings increased the GDP growth rate forecast of India from 6% to 6.3% for the current fiscal year 2023-24.
- According to Fitch Ratings, GDP is up by 6.1 percent year-on-year in 1Q23 (January-March) and auto sales, PMI surveys and credit growth remain robust in recent months.
- The GDP growth in January-March was higher than expected and there was a recovery in manufacturing after two consecutive quarterly contractions.
- Earlier in March, Fitch had lowered its forecast for 2023-24 to 6 percent from 6.2 percent due to high inflation and interest rates.
- Fitch Ratings has estimated a growth of 6.5 percent each for the 2024-25 and 2025-26 financial years.
- In terms of expenditure, GDP growth is mainly due to increased domestic demand and a boost from net trade.