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Important Current Affairs for CLAT-11th August 2023

SEBI Shortens IPO Listing Timeline to 3 Days Post Closure for Investor and Issuer Benefit

The Securities and Exchange Board of India (SEBI) has taken a significant step to enhance the efficiency of Initial Public Offerings (IPOs) by halving the timeline for listing shares on stock exchanges after the IPO closure. This move aims to provide substantial benefits to both investors and issuers in the capital markets.

Shorter Listing Timeline Implementation

SEBI’s new directive entails a reduced listing timeline for shares. This adjustment, designed to expedite the listing process, will initially be introduced as a voluntary option for public issues commencing on or after September 1. However, it will become a mandatory requirement for all issues starting from December 1, 2023, onwards, as per the circular issued by the capital markets regulator.

Transition to T+3 Listing Timeline

Under the revised guidelines, IPOs will now be mandated to list within three working days (T+3 days) after the closure of the IPO, in contrast to the previous requirement of six working days (T+6 days). The ‘T’ symbolizes the issue closing date, which serves as the starting point for the new timeline.

This new listing timeframe will need to be explicitly disclosed in the offer documents of public issues, as highlighted by SEBI.

Revised Process for Allotment and Fund Transfers

Companies seeking to conduct IPOs under the new guidelines will be required to finalize the allotment process before 6 pm on T+1 day. Additionally, the transfer of funds to unsuccessful applicants will occur on T+2 day.

The regulatory authority emphasized that the shortened timelines for listing and share trading will prove advantageous for both issuers and investors. Issuers will experience expedited access to raised capital, thus fostering an improved environment for conducting business. Simultaneously, investors will gain quicker credit and liquidity for their investments, enhancing their overall experience.

Investor Compensation and Application Verification

SEBI has also established a system for calculating compensation to investors in case of delays in unblocking ASBA (Application Supported by Blocked Amount) application money. This calculation will commence from T+3 day.

Furthermore, the role of the Registrar to an issue will include third-party verification of applications. This process will involve matching the Permanent Account Number (PAN) in the demat account with the PAN in the applicant’s bank account. Applications with PAN discrepancies will continue to be considered as invalid for allotment purposes.

Origin and Implementation

This transformative decision comes after SEBI’s board approved a proposal in June of the current year. By reducing the IPO listing timeline, SEBI aims to promote efficiency and transparency in the capital markets while fostering a conducive environment for investors and issuers alike.

First War of Independence against British

The first war of Independence, commonly known as the Sepoy Mutiny or the Indian Rebellion of 1857, stands as a significant milestone in India’s long and challenging journey towards liberation from British colonial rule. Spanning from 1857 to 1858, this uprising marked the first organized attempt by Indians to cast off the shackles of British oppression and regain control of their homeland.

Immediate Reason for First War of Independence

The main reason for the First War of Independence was a new rifle called the ‘Enfield’. Soldiers had to bite off a part of the rifle’s bullets before using them. Indian sepoys believed that the cartridge was greased with either pig fat or made from cow fat which was against the Hindu and Muslim sentiments. This was a flashpoint to enrage the soldiers against the British. This was like a spark that started the big fight against the British in 1857.

Causes of First War of Independence

The following reasons five rise to First War of Independence:

  1. Social Causes: Indian people were treaty badly by the British, who didn’t let them fix with Europeans. They also interfered with Indian religious and cultural practices, causing a lot of pain and suffering.

  2. Political Causes: The British took control of lands and power from Indian rulers like Nawabs and Zamindars. They used unfair policies like taking over states and territories which made these rulers angry and want to fight back.

  3. Economic Causes: The British imposed heavy taxes which made the lives very hard.

  4. Military Factors: There was a new rule that soldiers in the Bengal Army had to serve wherever they were told, even outside of India. The soldiers were worried their sons would face the same fate. This made them angry at the British rulers.

Impact of First War of Independence: Revolt of 1857

The revolt of 1857 had a significant impact. It made the East India Company look weak and incapable of managing India. The biggest change was the Government of India Act in 1858. This law abolished the British East India Company’s control and started the British government’s direct rule. This new era, known as the British Raj, let the British government govern India through their own representatives.

Causes of Failure of First War of Independence

The First War of Independence i.e. Revolt of 1857 faced several challenges that led to its failure:

  1. Lack of leadership: The sepoys lacked one clear leader; there were several. They also did not have a proper strategy by which the foreigner could be routed.

  2. Limited Resources: The sepoys lacked proper resources like weapons, funds and supplies, making it hard to sustain a prolonged struggle.

  3. Geographical Challenges: The sepoys were mostly limited to northern India, making it difficult to challenge British control throughout the country.

  4. Lack of Unity: The sepoys were not fully united. They came from different regions, backgrounds and cultures, making coordination difficult.

AU Bank Becomes India’s First Bank To Provide 24×7 Video Banking Service

AU Small Finance Bank, the largest small finance bank in India, has taken a remarkable step forward in customer service with the launch of their innovative 24×7 video banking platform. This pioneering service enables customers to engage in face-to-face video interactions with expert bankers, akin to video calls. This move redefines convenience, as it provides round-the-clock support, even during weekends and holidays.

Breaking Ground in Customer-Centric Services

AU Small Finance Bank has etched its name in history as the first financial services provider in India to present a 24×7 live video banking solution. Through this cutting-edge platform, customers gain unparalleled access to live video interactions with dedicated bankers at any hour, on any day. This leap in technology empowers not only tech-savvy millennials but also newcomers to banking, busy professionals, and senior citizens, delivering a personalized and hassle-free banking experience.

Enriching Accessibility through Innovation

AU’s 24×7 Video Banking transcends the limitations of physical infrastructure, bridging gaps in service provision. The platform is particularly beneficial to regions with limited resources, extending vital banking services to previously underserved areas. This visionary move underscores AU Small Finance Bank’s commitment to inclusivity, ensuring that even those residing in remote rural areas can access banking services as long as they possess an internet connection.

A Multitude of Features at Your Fingertips

The revamped video banking service builds upon AU Bank’s existing platform, now encompassing continuous coverage round the clock. Customers are poised to enjoy a spectrum of real-time services, ranging from routine tasks like updating demographic details to conducting complex financial transactions. Furthermore, the platform facilitates the swift opening of new accounts, provides insights into financial services such as credit cards and loans, and offers efficient troubleshooting for a diverse array of banking issues.

Security Reinvented: Safeguarding Every Transaction

AU Small Finance Bank places paramount importance on security. The video banking platform is fortified with state-of-the-art security measures, including encryption, facial recognition, one-time passwords (OTP), and video validation. These measures work in harmony to ensure the sanctity of every transaction. All sensitive customer information exchanged during video calls remains encrypted and well-protected, alleviating concerns related to data breaches and fraudulent activities.

Pioneering a New Era in Banking Convenience

The introduction of AU Small Finance Bank’s 24×7 video banking marks a significant milestone in the banking sector, ushering in an era of unparalleled convenience and customer-centricity. By embracing the power of technology and innovation, AU Bank sets a formidable precedent for others in the industry to follow. This revolutionary step not only caters to the modern lifestyle of bustling professionals and tech enthusiasts but also empowers the underserved segments of the population, granting them access to vital financial services like never before.

New Amravati Station Becomes Central Railway’s Third ‘Pink Station’

Central Railway’s New Amravati station has engraved its place in history as the first station in Bhusaval Division and the third station within the Central Railway to be designated a “Pink Station” – a station that is wholly managed by women staff.

The Skilled Women Team at New Amravati Station

The New Amravati station boasts a team of 12 proficient women employees, each playing a crucial role in ensuring the seamless operation of the station. Among these accomplished individuals are 4 Deputy Station Superintendents, 4 Pointswomen, 3 Railway Protection Personnel, and 1 Station Ticket Booking Agent. Their collective efforts culminate in the efficient management of the station, fostering an environment of competence and inclusivity.

Dynamic Operations and Dedicated Professionalism: The New Amravati Station’s All-Women Team

Amidst a daily influx of around 380 passengers and the constant movement of 10 trains, the New Amravati station emerges as a vibrant center of bustling activity. Handling the intricacies associated with overseeing a station of such scale, the all-women team at New Amravati showcases unwavering commitment and a commendable display of professionalism.

Central Railway’s Pioneering Legacy: Promoting Gender Equality and Historical Milestones

Central Railway has consistently led the way in ensuring equitable opportunities for its female workforce. It proudly holds the accolade of being the inaugural zone within the Indian Railways to establish an all-women managed station, with Matunga Station on the Mumbai Division being the first, succeeded by Ajni Station on the Nagpur Division.

Headquartered in Mumbai at the iconic Chhatrapati Shivaji Maharaj Terminus, Central Railway also boasts the historic achievement of operating India’s first passenger railway line, inaugurated on 16 April 1853, linking Mumbai to Thane.

Government of India Forms New Standing Committee on Statistics to Enhance Oversight of NSO Data

In a recent development, the Ministry of Statistics and Programme Implementation (MoSPI) of the Government of India has taken a significant step by replacing the existing Standing Committee on Economic Statistics (SCES) with a more comprehensive entity called the Standing Committee on Statistics (SCoS). This new committee has been entrusted with a broader mandate, involving the review of both the framework and outcomes of all surveys conducted under the National Statistical Office (NSO).

The Statistical Setup of the Government of India:

The Ministry of Statistics and Programme Implementation (MoSPI) came into existence in 1999 after the merger of the Department of Statistics and the Department of Programme Implementation. It consists of two wings: the Statistics Wing and the Programme Implementation Wing. The Statistics Wing includes the Central Statistical Office (CSO), the Computer Center, and the National Sample Survey Office (NSSO). Additionally, the National Statistical Commission (NSC) and the Indian Statistical Institute are also integral components of the statistical setup.

Responsibilities of the NSO:

The NSO, as the nodal agency for planned statistical development in India, shoulders several crucial responsibilities:

  1. Coordination of statistical work across various Ministries and Departments of the Government.

  2. Compilation of national accounts and publication of annual estimates of national product.

  3. Collaboration with international statistical organizations such as UNSD, ESCAP, IMF, ADB, FAO, and ILO.

  4. Regular release of the Index of Industrial Production (IIP) as ‘quick estimates.’

  5. Conducting the Annual Survey of Industries (ASI) and providing statistical insights into the organized manufacturing sector’s growth and composition.

  6. Organization of periodic all-India Economic Censuses and subsequent enterprise surveys.

The Standing Committee on Statistics (SCoS):

The establishment of the SCoS holds key importance in enhancing the oversight of official data. The initiative stems from the critical evaluation of India’s statistical machinery by members of the Economic Advisory Council (EAC) to the Prime Minister. The SCoS will fulfill a new internal oversight role, supplanting the previous SCES instituted in 2019. Notable points regarding the SCoS include:

  • Objective: The primary objective of the SCoS is to institute a robust internal oversight mechanism for official data, which marks a departure from the earlier SCES setup.

  • Need: The imperative to establish the SCoS arises from the voiced concerns about the expertise of the Indian Statistical Service in survey design. This overhaul was proposed by Bibek Debroy, the chairperson of the EAC.

  • Chairman: Pronab Sen, the first chief statistician of India and former NSC chairman, has been appointed as the chair of the newly formed committee.

  • Terms of Reference: The SCoS is empowered with a wide-ranging scope, with the potential to accommodate up to 16 members. Its responsibilities extend beyond economic data, encompassing advisory roles on technical aspects of all surveys, including sampling, design, methodology, and result finalization. Moreover, it will identify data gaps in official statistics and strategize their resolution, while also exploring the utilization of administrative statistics to enhance data quality.

  • Role of NSC: While the SCoS plays a pivotal role in finalizing survey outcomes, the ultimate authority to approve the publication of these results rests with the NSC.

Airtel Payments Bank Launched India’s 1st Eco-Friendly Debit Card

India’s first payment bank, Airtel Payment Bank also became the first Indian Bank to launch an eco-friendly debit card for its new and existing customers with a savings bank account. The debit cards will be crafted from recycle- Poly Vinyl Chloride (r-PVC) material, a certified eco-friendly material, against normal PVC cards. The introduction coincides with the Bank’s dedication to sustainability and its drive to advocate for environmentally conscious practices within the financial industry.

Environmental Impact

  • Each production batch of 50,000 cards will result in a reduction of 350 kgs of carbon emissions compared to the traditional PVC cards commonly used in the market.

  • The production of r-PVC cards will lead to a 43% reduction in hydrocarbon consumption, playing a role in curbing petroleum usage during the manufacturing process.

  • With each batch of r-PVC cards contributing to the conservation of an 6.6 million litres of water.

About new Debit cards

Airtel Payments Bank debit card comes in two variants(under Classic variant)

i. Personalised Classic Card: Availed through the Airtel Thanks mobile application. ii. Insta Classic Card: Availed at selected neighbourhood banking points (by the close of the current quarter).

Note: The cards also offer the rewards with e-commerce benefits of up to INR 10,000, as well as complimentary One Dines experiences in major cities across India.

First Female Train Driver in India

In a field traditionally reserved for men, Surekha Shankar Yadav joined the Indian railway as a first lady loco pilot, shattering stereotypes and making history. As the first lady train driver in India, her journey symbolizes courage, determination, and a resolute drive to break boundaries.

Early Life and Education

Birth date: 2nd September 1965

Birthplace: Satara, Maharashtra

Surekha Yadav pursued her initial schooling at Saint Paul Convent High School. After completing her school education, she undertook vocational training and earned a Diploma in Electrical Engineering from the Government Polytechnic at Karad, Maharashtra. Her aspirations for higher education shifted when she joined the Indian Railway.

Early Career of First Female Loco Pilot

Surekha Yadav began his journey when she was selected by the Railway Recruitment Board, Mumbai, in 1987. She joined the Central Railway as a trainee assistant driver in 1986, undergoing rigorous training at the Kalyan Training School for six months. Her dedication earned her the role of a regular assistant driver in 1989.

From Goods to Greatness

Surekha’s dedication led her to steer various types of trains. She piloted her first local goods train, numbered L-50, where she oversaw engine conditions, signals and related tasks. Her determination propelled her through the ranks, and she became a full-fledged goods train driver in 1998. In 2010, she took on the challenging role of a train driver on the Western Ghat railway line.

Landmark Achievements

Surekha’s legacy lives on as she drove an all-women crewed train from Mumbai to Lucknow in 2021. She continued to break barriers, becoming the first woman to operate the semi-high-speed “Vande Bharat Express” in 2023.

Inspiration for gender equality

Surekha’s journey echoed a transformative shift towards gender equality in unconventional domains. Her triumph underscored the importance of equal opportunities, regardless of gender, and inspired countless women to break barriers. Her dedication resonated with aspiring women, and by 2011, 50 women locomotive drivers were inspired to join the ranks of suburban and goods train operators.

Legacy of leadership

Surekha Yadav’s influence extended beyond her professional achievements. As a role model and advocate of gender equality, she demonstrated the potential for women in male-dominated sectors.

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