SEBI Makes it Compulsory for the Mutual Fund to Pay Dividend to Investors Within 7 Days
Mutual funds (MFs) have to pay dividend to unit-holders in seven working days after declaration of record date. In a circular issued, SEBI said the record date will be two working days from the issue of public notice on dividend payment.
More About The Transition:
The transfer of redemption proceeds to the unit-holders should be made in three working days from the date of redemption, it said. On paying redemption proceeds for schemes investing at least 80 per cent of total assets overseas, the transfer of redemption proceeds should be made in five working days from the date of redemption, it said.
List Of Exceptions Of The Rule:
AMFI, in consultation with SEBI, will publish a list of exceptional circumstances for schemes unable to transfer redemption proceeds to investors within the stipulated time. It will also mention the time frame for payment in such circumstances and the list will be published within 30 days, said SEBI. In case of delay in payment of redemption proceeds, MFs have to pay an interest of 15 per cent per annum to unit-holders and the cost will be borne by the fund houses, it added.
About The Record Date:
Record date is the date which is set by the mutual funds that determines which unit holders are eligible to receive the dividends. SEBI has also directed that the record date should be two working days from the date of a public notice, for the purpose of payment of dividend.
Regulations On Mutual Funds:
In the case of schemes investing at least 80 percent of the money in securities overseas, upon such redemption or repurchase, the investors should be paid within five working days from the date of redemption. Redemption means the investors sell back the units it holds of a mutual fund scheme back to the mutual fund’s Asset Management Company.
If the fund house fails to pay dividend or redemption or repurchase pay out within the stipulated time period then the fund house is liable to pay interest at the rate of 15 percent per annum along with the pay out of dividend or redemption.
About The Erstwhile Case:
Earlier the fund houses were allowed to pay dividend within 30 days and the redemption proceeds were allowed to be paid in 10 days. Now the transactions are processed much faster using digital means and hence the regulator may have curtailed this time period. Nowadays most fund houses pay the proceeds within the time frames revised today.
‘Nai Chetna’ Gender Campaign Launched by Ministry of Rural Development
‘Nai Chetna’, is a month-long campaign envisioned as a ‘Jan Andolan’ or people’s movement. The ‘Nai Chetna’ campaign is launched by the Ministry of Rural Development and involves sensitizing women, especially in rural areas. It seeks to enable women to acknowledge, prepare, and take support in situations of comprise.
‘Nai Chetna’ Gender Campaign Launched by Ministry of Rural Development- Key Points
The Union Minister described that the ‘Nai Chetna’ campaign focuses on women.
Women in rural areas are unaware of the various mechanisms available to raise their concerns.
The campaign has an idea to bring the issue of gender-based violence into focus and make women aware of their rights and the mechanism available to help redress their grievances.
The ‘Nai Chetna’ campaign was launched on the International Day for the Elimination of Violence against women on 25th November 2022.
The campaign aims to raise awareness about the institutional mechanisms available for women to fight gender-based violence.
India to Send Utility Helicopter Unit to UN Peacekeeping Mission in Mali
India has decided to send a utility helicopter unit to the Multidimensional Integrated Stabilisation Mission in Mali (MINUSMA). Bangladesh and Pakistan, each, will also send an armed helicopter unit to this operation.
What The UN Said:
Secretary-General Antonio Guterres’s Spokesperson Farhan Haq said, that the utility helicopter unit from India that is to be deployed in March will “provide much-needed support to our forces and are critical for early warning and rapid response to protect civilians”.
Haq added, “The UN continues to discuss with member states the deployment of new assets and plans to fill longer-standing gaps in addition to those resulting from recent announcements” of withdrawals.
What is Multidimensional Integrated Stabilisation Mission in Mali:
The Multidimensional Integrated Stabilisation Mission in Mali (MINUSMA) is a United Nations peacekeeping mission that was set up in 2013 by the UNSC to stabilize the western African country after the 2012 Tuareg rebellion.
This mission was set up to assist in the political processes of Mali and undertake numerous security-related tasks within the conflict-hit country. It is tasked with supporting the transitional authorities of Mali in achieving the political stabilization and implementing the transitional roadmap.
In 2014, the UNSC expanded the scope of the mission to ensure security for the citizens, supporting national political dialogue and reconciliation, assisting in the re-establishment of state authority, and protecting human rights in the country.
India’s role in MINUSMA?
India currently does not have troops deployed with MINUSMA. However, 18 Indians worked with it as of September this year. It is currently planning on deploying a utility helicopter unit that will provide assistance in early warning and rapid response to protect civilians.
Hurdles Faced by the Mission?
Since its launch, MINUSMA has become the most dangerous peacekeeping mission of the UN. It has caused the deaths of 292 peacekeepers till date. Besides MINUSMA, there are two other international peace operations in Mali. These are the EU’s EUCAP Sahel Mali and EUTM Mali missions.
Several countries are currently pulling out of the MINUSMA because of the high fatality rate. France and Egypt have completed their troop withdrawal in the early 2022. Germany announced that it will be withdrawing its 595 personal by May 2023. Britain is also planning to pull out its 249 personnel from this mission. Ivory Coast has also announced the withdrawal of its 898 personnel after the current deployment ends because of its dispute with the Mali government over the arrest of its personnel who went on a mission not related to the United Nations.
Gurdeep Randhawa named to State Presidium of CDU in Germany
Indian-origin German citizen, Gurdeep Singh Randhawa has been appointed to the Thuringia state Christian Democratic Union (CDU) party presidium in Germany. Randhawa has been an active member of the CDU and has served in the party for several years now. Earlier in August, Gurdeep Singh Randhawa was elected as the first representative of the Indian community in Germany. It is the first time that an Indian-origin German national has been appointed to a state presidium in Germany by the CDU.
As a representative of the Indian community, Randhawa’s work was to make the concerns of the Indian community heard. His task was also to encourage Indians to become politically active. Randhawa continues to have business ties with India and is also involved in humanitarian work, especially for the rights of Sikhs and the people of Punjab.
About the Christian Democratic Union:
The Christian Democratic Union of Germany is a Christian-democratic and liberal-conservative political party in Germany. It is the major catch-all party of the centre-right in German politics. The CDU’s policies derive from political Catholicism, Catholic social teaching and political Protestantism as well as economic liberalism and national conservatism. The party has adopted more liberal economic policies since Helmut Kohl’s term in office as the Chancellor of Germany (1982–1998).
Udaipur to Host First G20 Sherpa Meeting in India
Udaipur is gearing up to host the first G20 Sherpa Meeting in India from 4 to 7 December. The meeting is aimed at fostering growth and building bonds amongst the member nations. Among the highlights will be the depiction of Indian culture with wall paintings and illumination of heritage sites across the city.
More About This Development:
The G20 Sherpa meeting is expected to be held at the Darbar Hall at the City Palace Udaipur. Arrangement is being made at Fateh Prakash Palace, Hotel Udai Vilas and Leela Palace to accommodate the delegates for this meeting. The Royal Dinner is expected to be held at Jag Mandir where the delegates will be treated to delicacies from the Indian cuisine as well as those of the member countries.
What Is G20 Sherpa Meeting:
The Sherpa Meeting of the G20 Summit is a preliminary meeting of the government representatives before the main G20 Summit. Here the representatives of the member nations hold discussions to firm up possible agreements. The final decisions are taken at the G20 summit by the Heads of States. Ahead of the main G20 Summit, the Sherpas meeting ensures that the time and resources required at the time of negotiations of the larger heads of state at the final summit are minimized.
The G-20 Sherpa meeting will be presided by the Indian Sherpa Amitabh Kant.
G20 & India’s Presidency:
Group of 20 or G-20 is a multilateral organisation of 19 countries and the European Union was set up in 1999. India has been a member of the G20 since its inception in 1999. India will be holding the G20 Presidency from 1 December 2022 and will convene the G20 Leaders’ Summit in 2023 for the first time. India as a host nation will set the agenda of the G-20 summit meeting to be held in September 2023 in New Delhi.
International Day of Solidarity with the Palestinian People 2022: 29 November
International Day of Solidarity with the Palestinian People 2022:
November 29 is marked as the International Day of Solidarity with Palestinian People every year. Since 1978, the United Nations has commemorated the day as a way to express solidarity with the people of Palestine while the peace and resolution process remains stalled. The day aims to spread more awareness about the issues faced by the Palestinian people along with promoting a peaceful Palestine-Israel resolution.
International Day of Solidarity with the Palestinian People: Significance
Today around 4.75 million Palestinians are spread across the Gaza Strip and the West Bank. These individuals live in poor conditions with a lack of proper sanitation, education, power and water. Individuals also live under the constant threat of Israeli counter-insurgency attacks. These attacks further galvanize youth in the area towards extremist organisations fuelling the cycle of violence in the area.
The International Day of Solidarity with Palestinian People hopes to galvanise people into finding a permanent and peaceful resolution to the Israel-Palestine conflict where the Palestinian people are able to have national sovereignty.
International Day of Solidarity with the Palestinian People: History
In 1977, the General Assembly called for the annual observance of 29 November as the International Day of Solidarity with the Palestinian People. On that day, in 1947, the Assembly adopted the resolution on the partition of Palestine (resolution 181 (II)).
On 1 December 2005, the Assembly requested the Committee on the Exercise of the Inalienable Rights of the Palestinian People and the Division for Palestinian Rights, as part of the observance of the International Day of Solidarity with the Palestinian People on 29 November, to continue to organize an annual exhibit on Palestinian rights or a cultural event in cooperation with the Permanent Observer Mission of Palestine to the UN.
The resolution on the observance of the International Day of Solidarity with the Palestinian People also encourages Member States to continue to give the widest support and publicity to the observance of the Day of Solidarity.
BSE Signs Up TAC Security as Cyber Security Partner
Risk and vulnerability management company TAC Security announced that it is the official cyber security partner for the stock exchange-BSE.
What Has Been Said:
The cyber security company said it signed an agreement with the oldest stock exchange to ensure that the BSE is empowered with the highest possible level of cybersecurity. It said the alliance was a significant stride in the longstanding relationship between the two institutions.
BSE will get a holistic view of their risk-vulnerability management on a single platform using TAC Security’s ESOF (Enterprise Security in One Framework), the company said.
“It is an honour and privilege to be protecting Asia’s biggest and essential stock market body.” said Trishneet Arora, Founder, and CEO. “We aim to ensure the highest-level cybersecurity for an organisation that defines the stock market of the country. It is truly a step towards providing organizations across the globe with the next – generation of Vulnerability Management.”
The company said the alliance is set to be the first of many projects undertaken by the cybersecurity giant to bring about a rapid change in the cybersecurity process under the guidance of the stock exchange.
TAC Security is a global leader in vulnerability management that protects Fortune 500 companies, large enterprises & governments globally. TAC Security manages 5+ Million vulnerabilities through it’s Artificial intelligence (AI) based Vulnerability Management Platform ESOF (Enterprise Security in One Framework).