AFFAIRSCLOUD TODAY

Current Affairs 1 April 2023 : Headlines

1. MoD signs contracts worth Rs 19,600cr to acquire NG-OPVs & NGMVs for IN; Rs 9,100cr contracts
for improved AWS & 12 WLR Swathi for IA
2. Himachal Pradesh’s Kangra tea gets European GI Tag
3. Home Minister Amit Shah inaugurates Development Works in UK & Sardar Vallabhbhai Patel
Memorial in Bidar, Karnataka
4. Lok Sabha amends Competition Act 2002; CCI to penalise Tech MNCs for Global Revenue
5. EU Removes Pakistan From List of High-Risk Third-Country Jurisdictions
6. SEBI Board Meeting (March 2023): Significant Takeaways from 16 Major Decisions
7. Aditya Birla Health Insurance enters into bancassurance partnership with UCO Bank
8. Ambit Finvest, SKALEUP join hands for Digital Lending Platform for MSMEs
9. AMNS Luxembourg Holding signs USD 5 billion loan agreement with consortium of Japanese
banks
10. Godrej Capital & SBI signs MoU to offer Banking Products & Services
11. Axis Bank partners with Shriram Housing Finance for Co-Lending
12. MoC&I Released FTP 2023: India aims for increase exports to USD 2 trillion by 2030
13. Aaliya Mir becomes First J&K Woman to Receive Wildlife Conservation Award
14. UAE President names Sheikh Khaled as Crown Prince of Abu Dhabi
15. Tata Power re-appoints Praveer Sinha as CEO & MD for Four Years
16. Rajib K Mishra takes over as Chairman and Managing Director of PTC India
17. Scientists of ICAR Discovers New Moray Eel Species- Gymnothorax Tamilnaduensis
18. International Transgender Day of Visibility 2023 – March 31

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 NATIONAL AFFAIRS
MoD signs Multiple Contracts to Procure Ships and Equipments for Indian Armed Forces
To boost ‘Aatmanirbharta’ in defence, the Ministry of Defence(MoD) signed multiple deals worth ~ Rs
32,000 crore for the Indian Armed forces- Indian Navy (IN) and Indian Army(IA).

• MoD has signed contracts for the acquisition of 11 Next Generation Offshore Patrol Vessels (NG-
OPV) and 6 Next Generation Missile Vessels (NGMV), equipment and BrahMos supersonic missiles
for coastal defence for the Indian Navy and improved Akash Surface to Air missile(SAM) system and
12 Swathi Weapon Locating Radars (WLR) (Plains) for the Indian Army.
The contracts are as follows:
i.Contract for acquisition of 11 NG-OPVs
It was signed with Goa Shipyard Limited (GSL) and Garden Reach Shipbuilders and Engineers (GRSE),
Kolkata (West Bengal), at a total cost of Rs 9,781 crore. It was signed under Buy {Indian-IDDM (Indigenously
Designed, Developed and Manufactured)} category.
• Of the 11 ships, 7 will be indigenously designed, developed and manufactured by GSL and four by
GRSE.
• The delivery of the ships is scheduled to commence from September 2026.
Benefit:
i.NG-OPVs will enable the Navy to maintain its combat capability and meet various operational requirements
such as anti-piracy, counter-infiltration, anti-poaching, anti-trafficking, non-combatant evacuation operations,
Search and Rescue (SAR) and protection of offshore assets.
ii.The construction of these ships will generate an employment of 110 lakh man-days over a period of seven
and half years.
ii.Contract for acquisition of 6 NGMVs:
It was signed with Cochin Shipyard Limited (CSL) at a cost of Rs 9,805 crore and delivery is scheduled to
commence from March 2027.
Key Points:
i.The NGMVs are highly equipped with offensive capabilities, including stealth, high speed, and heavy
armaments. These vessels are primarily intended to engage in offensive operations against enemy warships,
merchant ships, and land-based targets.
ii.These ships will be capable of conducting maritime strike operations, and anti-surface warfare operations.
iii.In defensive role, these ships would be employed for Local Naval Defence operations and seaward defence of
the Offshore Development Area.
iv.The construction of these ships will generate employment of 45 lakh man-days over a period of nine years.
iii.Contract for Lynx-U2 Fire Control Systems:
MoD has also signed a contract worth Rs 1700 crore with Bharat Electronics Limited, Bengaluru, Karnataka for
the procurement of 13 Lynx-U2 Fire Control Systems which will be installed on the NGOPVs.

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 • The Lynx-U2 System is a 4th generation naval gun fire control system designed and developed
indigenously.
iv.Contract for NGMMCB and BrahMos supersonic
MoD has also signed a contract worth Rs 1700 crore with BrahMos Aerospace Private Limited (BAPL) for
procurement of Next Generation Maritime Mobile Coastal Batteries (NGMMCB) (Long range) and BrahMos
supersonic cruise missiles.
• The delivery of NGMMCBs is scheduled to commence in 2027.
v.Contract for Procurement of AWS
The contract for procurement of improved AWS for 3rd and 4th Regiments of Army Air Defence, comprising
live missiles and launchers with upgrades, ground-support equipment, vehicles and infrastructure was signed
with Bharat Dynamics Limited (BDL), worth over Rs 8,160 crore.
Key Points:
i.The AWS is a Short Range Surface to Air Missile (SRSAM) Air Defence System, indigenously designed and
developed by Defence Research and Development Organisation (DRDO).
ii.It has seeker technology, reduced footprint, 360-degree engagement capability and improved environmental
parameters.
iii.The project has overall indigenous content of 82% which will be increased to 93% by 2026-27.
iv.Around 60% of the project cost will be awarded to the private industry.
vi.Contract for Swathi WLR (Plains)
The contract for WLR Swathi (Plains) was signed with Bharat Electronics Limited (BEL) at a cost of over Rs
990 crore.
• It is an indigenously designed weapon-locating radar (WLR) which is capable of locating guns,
mortars and rockets, thereby facilitating their destruction through counter bombardment.
• Its induction is planned to be completed in 24 months.
Recent Related News:
i.On January 3, 2023, Union Minister Rajnath Singh, Ministry of Defence (MoD) virtually attended the
Memorandum of Understanding (MoU) Exchange Ceremony ‘Outreach Programme with Ministry of Education
(MoE) and Ministry of Skill Development and Entrepreneurship (MoSDE)’ in New Delhi, Delhi.
ii.On January 14, 2023, the 7th Armed Forces Veterans Day was observed to recognize the contribution of the
veterans of the Indian Armed Forces in serving the nation. Defence minister Rajnath Singh presided over the
Celebrations.
About Ministry of Defence (MoD):
Union Minister– Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

Himachal Pradesh’s Kangra tea gets European GI Tag

On 29th March 2023, Himachal Pradesh’s Kangra Tea got a European Union(EU) Geographical Indication
Tag (GI Tag). This will offer an opportunity for the Kangra tea to enter the European Market.
About Kangra Tea:
i.Kangra tea is a type of tea that is grown in the Himachal Pradesh region of India. Since 1999, the cultivation
and development of kangra tea have been improved in the Kangra region(‘Valley of Gods’) of Himachal Pradesh.
ii.Kangra tea is grown 900-1,400 meters above sea level with the annual rainfall being 270-350 centimeters
(cm), on the slopes of the Dhauladhar mountain range in the Western Himalayas.

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iii.The demand of Kangra tea has been increasing and it is being exported to Kabul and Central Asia via
Peshawar.
• The Kangra tea received the Indian GI tag in 2005.
About GI Tag:
i.Geographical indications (GIs) are Intellectual Property (IP) Rights(IPR) is primarily an agricultural, natural
or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
• European GI tag protects agricultural products and foodstuffs; spirit drinks; wines; and aromatised
wines.
ii.The GI Tag provides assurance of quality and distinctiveness, which is essentially attributable to the place of
its origin.
iii.Once a product gets a GI tag, any person or company cannot sell a similar item under that name.
iv.This tag is valid for a period of 10 years following which it can be renewed.

Home Minister Amit Shah inaugurates Development Works in UK & Sardar Vallabhbhai Patel
Memorial in Bidar, Karnataka
On March 30, 2023, the Union Minister Amit Shah, Ministry of Home Affairs (MHA) was on a visit to
Uttarakhand (UK) to inaugurate development works viz. Computerization of UK’s Multipurpose Primary
Agricultural Credit Cooperative Societies (MPACS), Joint cooperative farming, Jan Suvidha Kendras and
Janaushadhi Kendras in Haridwar, UK.

• He also launched the model of integrated collective cooperative farming in 95 development blocks of
UK.
• He attended the 113th convocation ceremony of the Gurukul Kangri University; and the
inauguration ceremony of the Patanjali University/Patanjali Vishwavidyalaya at Patanjali Yogpeeth,
and Sanyas Diksha Mahotsav, as the chief guest, in Haridwar.
The Chief Minister of Uttarakhand Pushkar Singh Dhami along with other officials was also present during the
inaugurations.
Key Points:
i.The computerization of Primary Agricultural Credit Society (PACS) began in Uttarakhand on October 30, 2021,
marking the first such effort in India. As of now, computerization of all 670 PACS in the state has been
completed.
ii.Under the Cooperative Societies, Uttarakhand became the first state to initiate 95 Jan Aushadhi Kendras and
Jan Suvidha Kendras.
• The Jan Suvidha Kendra provides access to more than 300 schemes of both the Central and State
Governments, directly to the villages.
• The cooperative Jan Aushadhi Kendras also offer medicines at a discount of about 50-90% to the
people.
iii.The Uttarakhand government has secured the first position in the cooperative sector in India by
accomplishing the computerization of 307 cooperative bank branches and 670 MPACS.

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On this occasion, he also honoured farmer Rajesh Sazwan with Sehkari Kisan Gaurav Samman 2023 for
doing excellent work in the field of horticulture and agriculture. He also honoured Women Self help group and
farmer Bhura Singh under Deen Dayal Yojana.
Home Minister unveils the statues of Lord Basaveshwara and Nadaprabhu Kempegowda in Bengaluru
On March 26, 2023, Home Minister Amit Shah unveiled the statues of Lord Basaveshwara and Nadaprabhu
Kempegowda at the State Assembly premises in Bengaluru, Karnataka.
• The Chief Minister (CM) of Karnataka Basavaraj Bommai along with other dignitaries was also
present.
• Lord Basaveshwara and Nadaprabhu Kempegowda are two prominent historical figures from
Karnataka.
Key Points:
i.Karnataka tops the list of states in India in terms of Foreign Direct Investment (FDI), with an investment of Rs
2.72 lakh crore.
ii.Bengaluru boasts 39 start-ups with an asset valuation surpassing $1 billion.
iii.Karnataka contributes 25% to India’s space sector.
iv.Karnataka also ranks first in the innovation index and defense aircraft manufacturing. Of all the aircraft
produced in India, 75% are manufactured in Karnataka.
Home Minister inaugurates Gorata Martyr Memorial and Sardar Vallabhbhai Patel Memorial in Bidar,
Karnataka
On 26th March 2023, Union Home Minister also inaugurated Gorata Martyr Memorial and Sardar Vallabhbhai
Patel Memorial and also unfurled the 103 feet high tricolour at Gorata ground in Bidar, Karnataka
Key Points:
i.This monument of Sardar Patel is a symbol of the liberation of the people of Hyderabad-Karnataka-
Marathwada from the cruel rule of the Nizam.
• In 1948, at Gorata ground, the Nizam killed hundreds of people for hoisting a two-and-a-half-feet
tricolor.
ii.Sardar Vallabhbhai Patel was also known as Iron Man of India.

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Recent Related News:
i.On 4th February 2023, Union Minister Amit Shah laid the foundation stone of a Rs 450 crore nano urea plant
and township of the Indian Farmers Fertiliser Cooperative (IFFCO) in Deoghar, Jharkhand. This will be India’s
5th nano urea plant.
ii.Union Minister Amit Shah inaugurated and laid the foundation stone of 21 development projects worth Rs
1,311 crore in Moirang, Manipur.
About Ministry of Home Affairs (MHA):
Union Minister – Amit Shah (Gandhi Nagar Constituency, Gujarat)
Minister of State (MoS) – Nityanand Rai (Ujiarpur, Bihar); Ajay Kumar Mishra (Kheri, Uttar Pradesh);
Nisith Pramanik (Coochbehar, West Bengal)

Lok Sabha amends Competition Act 2002; CCI to penalise Tech MNCs for Global Revenue
On 29th March 2023, Lok Sabha, the lower house of Parliament, approved the amendments of the Competition
Act, 2002, that seek to cover global deals by digital multinational companies (MNCs) under local laws.
• The Competition (Amendment) Bill, 2022 was passed after Finance Minister Nirmala Sitharaman
moved as many as 13 official amendments to the Bill.
Following the amendment, the Competition Commission of India (CCI) will now have the power to impose
penalties on MNCs for violations based on their international revenue.
• The Competition (Amendment) Bill, 2022 aims to regulate transactions made by international
digital companies, provided that the entities involved have a strong business presence in India.
• The amendments also provide for the settlement of minor violations.
Other Details of the Bill:
i. The amendments propose introducing a deal value threshold as a condition to regulate mergers and
combinations.
• According to the bill, entities are expected to seek approval from the Competition Commission if the
deal value exceeds Rs 2000 crore and if both companies (acquiring and the target) have substantial
business operations in India.
ii. Control in the target company is an important consideration that affects CCI’s clearance.
iii. ‘Material influence’ has now been defined by the government as the basis for control in the most recent
amendment to the Competition Act.
iv. A settlement mechanism is now being implemented under the Act to decrease litigation and allow easier
dispute resolution.
v. According to the Competition Act, companies engaging in anti-competitive practices might face monetary
penalties from the Competition Commission.
vii. The bill aims to reduce various procedural timelines for merger approval to facilitate quicker merger
approval.
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 14th October 2003 (Operational from 2009)

INTERNATIONAL AFFAIRS
EU Removes Pakistan From List of High-Risk Third-Country Jurisdictions
The European Commission of the European Union(EU) has removed Pakistan from its list of High-Risk Third-
Country Jurisdictions, this move is expected to improve the conditions of business activities in Pakistan.

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 • Following the deletion, Pakistan will no longer be subjected to enhanced EU scrutiny which includes
credit and financial institutions, auditors, external accountants, tax advisers, notaries and
independent legal professionals, among others.
Background:
i.In December 2022, the European Commission updated its list of High-Risk Third-Country Jurisdictions
presenting strategic deficiencies in their anti-money laundering/countering the financing of terrorism
(AML/CFT) regimes.
• Following the update, the Democratic Republic of the Congo, Gibraltar, Mozambique, Tanzania and
the United Arab Emirates, were added to the list while Pakistan along with Nicaragua and
Zimbabwe were delisted.
ii.The updated list accounted the information from the Financial Action Task Force (FATF) and the changes
over 2022 in the FATF list of “Jurisdictions under Increased Monitoring”.
Note: FATF removed pakistan along with Nicaragua in October 2022 following the implementation of their
respective action plans agreed with the FATF.
Key Points:
i.The Ministry of Commerce, Government of Pakistan announced that Pakistan was added to the list of High-
Risk Third-Country in 2018 which resulted in creating a regulatory burden affecting the Pakistan-based
companies that are doing business with the members of EU(27 countries).
ii.The delisting of Pakistan will ease the cost and time of legal and financial transactions by Pakistan entities
and individuals in EU.
High-Risk Third-Country:
i.According to the EU, The high-risk third countries list includes countries that do not have a robust enough
regulatory and legal system to prevent financial crimes and terrorism.
ii.Countries added on the list are subjected to enhanced scrutiny and additional measures that increase the cost
of doing business.
About European Union:
The European Union is an international economic and political alliance of 27 member countries.
The EU was formed by the Treaty Of Maastricht, which took effect on November 1, 1993.
• 20 member countries use the euro as their official currency.
Headquarters – Brussels, Belgium

BANKING & FINANCE

SEBI Board Meeting (March 2023): Significant Takeaways from 16 Major Decisions
The Securities and Exchange Board of India (SEBI) took a number of decisions at its board meeting on March
29, 2023, with the goal of protecting investors’ interests and bolstering the market infrastructure to handle
disruptions.

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 • The announcements at the meeting, which included 17 items, were by far the largest number in
recent history.
• 17 announcements include 16 major decisions and approval of SEBI budget estimates for the fiscal
year 2023–2024 (FY24).
These actions will strengthen the market and have a long-term positive impact, despite the fact that they are
being taken in the midst of a worldwide banking crisis and challenging macroeconomic conditions.
The 16 Major Decisions and Their Implications
ESG Related
1.Balanced Framework for ESG Disclosures, Ratings and Investing
To encourage a balanced approach to ESG, SEBI approved the legal framework for ‘ESG (Environmental, Social,
and Governance) Disclosures, Ratings, and Investing’, as well as amendments to the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, and SEBI (Mutual Funds) Regulations, 1996.
The following are a few notable decisions made by the Board in this regard:
On ESG Disclosures
i.The BRSR (Business Responsibility and Sustainability Report) Core will be implemented to improve the
reliability of ESG disclosures.
ii.The BRSR Core comprises a limited number of Key Performance Indicators (KPIs) for which listed entities
must gain reasonable assurance.
iii.For the application of BRSR Core, a glide path is specified, beginning with the top 150 listed entities (by
market capitalization) from FY 2023-24 and subsequently expanding to the top 1000 listed entities by FY 2026-
27.
ESG disclosures for value chain of listed entities
i.To promote transparency, ESG disclosures and assurance (BRSR Core only) will be established for the value
chain of listed entities, with specific thresholds.
ii.These will be applicable to the top 250 listed entities (by market capitalization) on a comply-or-explain basis
starting from fiscal years 2024-25 and 2025-26, respectively.
On ESG Ratings
i.Given that emerging markets have unique environmental and social concerns, ESG Rating Providers (ERPs)
must include India/emerging market factors in their ESG Ratings.
ii.ERPs shall offer a specific category of ESG Ratings called “Core ESG Rating” that is based on the assured
parameters under BRSR Core in order to increase the credibility of ESG Ratings.
On ESG Investing
i.SEBI has directed the implementation of special measures in order to minimise the risk of mis-selling and
greenwashing, improve stewardship reporting requirements, and promote ESG investing.
ii.It has required ESG schemes to invest at least 65% of their AUM in listed firms that provide assurance on the
BRSR Core.

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 2. Establishing a regulatory framework for Environmental, Social and Governance (ESG) Rating
Providers in Securities Market by introducing a new chapter in the SEBI (Credit Rating
Agencies) Regulations, 1999.
The Board approved the proposals regarding the establishment of a regulatory framework for ESG rating
providers (ERPs) in the Indian securities market, as well as associated proposals.The proposals are
• enhanced transparency in ESG rating rationales,
• measures to mitigate conflict of interest by ERPs,
• facilitating augmentation of transition finance in India, and
• facilitating ESG ratings based on assured data
Secondary Market Related
3.ASBA -like facility for trading in Secondary Market: Option to investors
i.The Board has given its approval to the broad proposal for the Application Supported by Blocked Amount
(ASBA)-like facility that will be made available to investors for secondary market trading.
• The service is based on the blocking of funds for secondary market trade via UPI.
• This facility will be optional for both investors and stock brokers.
4.Upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations
(CCs) to mitigate credit risk on intermediaries
i.The Board agreed to a proposal to establish a regulatory framework on the upstreaming of client funds by
SBs/non-bank CMs to CCs in order to reduce the credit risk on intermediaries and risk of potential client funds
misuse.
• Under the approved framework, clients’ funds shall be upstreamed by SB/ non-bank CMs to CCs on
End of Day basis, so as to ensure that clients’ funds are not retained by SBs/non-bank CMs.
• The funds shall be upstreamed only in
the form of cash, lien on Fixed Deposit Receipts (subject to certain conditions), or pledge of
units of Mutual Fund Overnight Schemes (MFOS).
• The framework shall not be applicable to Bank-CMs (including Custodians that are banks), and
for proprietary funds of SBs/CMs in any segment.
ii.The framework is expected to be implemented in two phases, with the first phase of the glide path scheduled
to begin on July 1, 2023.
5.Amendments to Stock Brokers Regulations to institute a formal mechanism for prevention and detection
of fraud or market abuse by stock brokers.
i.The Board has approved a framework to offer an institutional mechanism for the prevention and detection of
fraud or market abuse by stock brokers.
Accordingly, SEBI (Stock Brokers) Regulations, 1992 will be amended to provide as under:
• Systems for surveillance of trading activities and internal controls;
• Obligations of the stock broker and its employees;
• Escalation and reporting mechanisms; and
• Whistle blower policy.
ii.As a result, the SEBI (Stock Brokers) Regulations, 1992 will be amended, and the approved amendments will
take effect on October 1, 2023.
6.Introduction of Regulatory Framework for Index Providers
i.The Board has given its in-principle approval to a proposal to regulate Index Providers with the objective of
promoting accountability and transparency in the governance and administration of financial benchmarks in
the securities market.
ii.All index providers, including MSCI, would be subject to SEBI regulations.

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Mutual Funds Related
7.Framework for “Corporate Debt Market Development Fund”: Backstop Facility for specified Debt Funds
during market dislocations
i.The Board approved amendments to the SEBI (Alternative Investment Funds) Regulations, 2012, to establish
the Corporate Debt Market Development Fund (CDMDF) as an Alternative Investment Fund (AIF).
ii.CDMDF will serve as a backstop facility for the purchase of investment-grade corporate debt instruments at
times of stress, instilling confidence among Corporate Bond Market participants and generally improving
secondary market liquidity.
iii.In the event of a market disruption, CDMDF may raise funds based on a guarantee that will be given by
the National Credit Guarantee Trust Corporation (NCGTC) to purchase corporate debt securities.
8.Bringing clarity on the roles and responsibilities of Trustees and Board of Asset Management Companies
of Mutual Funds with a focus on Unit holder protection.
In order to clarify the roles and responsibilities of the Trustees and Board of Asset Management Companies
(AMCs) of mutual funds (MFs), the Board approved amendments to the SEBI (Mutual Funds) Regulations, 1996.
The aforesaid amendment shall also explicitly make the Board of AMC
responsible for protecting unitholders’ interests, in addition to AMC stakeholders’ interests and will
provide for the constitution of a Unitholder Protection Committee by the Board of the AMC with a focus on
unitholders’ protection.
9.Review of Regulatory Framework for Sponsors of Mutual Funds to give greater flexibility to the
industry
The Board approved amendments to the SEBI (Mutual Funds) Regulations, 1996, which offered an alternative
route to enable a wide set of entities to become sponsors of MFs while reinforcing the existing eligibility
standards for sponsors.
Shareholder Empowerment Related
10.Amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations to facilitate more
comprehensive and timely disclosure
After considering various suggestions from stakeholders, the Board approved the following amendments to the
Listing Obligations and Disclosure Requirements (LODR) Regulations:
• Disclosure of material events or information by listed entities
• Enhancing corporate governance at listed companies by empowering shareholders
• Streamlining the timeline for newly listed entities to submit their first financial results
• Timeline for filling vacancies among directors and other officers of listed entities –
Listed entities shall be required to fill up the vacancy of Directors, Compliance Officer, Chief
Executive Officer and Chief Financial Officer within a period of three months from the date of such
vacancy, to ensure that such critical positions are not kept vacant
11.Amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with the
objective of increasing transparency and streamlining certain issue processes
The Board has approved amendments to the Issue of Capital and Disclosure Requirements (ICDR) Rules, among
other things, on the following issues:
• Disclosures about underwriting
• Prerequisite for announcing the bonus issue and exclusively issuing bonuses through demat
accounts (dematerialised form)
Debt Market Related
12.Introduction of concept of General Information Document (GID) and Key Information Document (KID)
for issuance of Bonds/ Commercial Paper and streamlining of disclosures
i.This will be set up to eliminate numerous filings of placement memoranda by issuers for non-convertible
securities and commercial paper intended for listing, as well as to improve ease of doing business for issuers.
ii.At the time of the first issuance, a GID must be filed with the stock exchanges and contain the information and
disclosures outlined in the common schedule. The validity of the GID shall be for 1 year.

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iii.The concept is proposed to be applied on a ‘comply or explain’ basis until March 31, 2024, after which it
becomes mandatory.
13.Extension of “Comply or Explain” period for Large Corporates (LCs) to meet their financing needs from
debt market through issuance of debt securities to the extent of 25% of their incremental borrowings in a
financial year
The Board determined that a contiguous block of 3 years will replace the previous contiguous block of 2
financial years as the period of compliance for large corporations to meet their financing needs from debt
markets through the issuing of debt securities to the extent of 25% of their incremental borrowings.
14.Extension Of ‘Comply or Explain’ period for the High Value Debt Listed Entities (HVDLEs) in respect of
corporate governance norms and simplification of disclosure requirements pertaining to the payment of
interest/ coupon and redemption amount.
The Board made the decision to extend the “comply or explain” period for the HVDLEs in regards to corporate
governance standards (i.e., regulations 16 to 27 of the LODR Regulations) until March 31, 2024.
To enhance ease of doing business for issuers of non-convertible securities, the
disclosure requirements pertaining to the payment of interest/ coupon and redemption amount are bein
g streamlined and multiple filings are being eliminated.The Board approved the proposal to consolidate the
disclosure requirements under Regulation 57 of the LODR Regulations.
Alternative Investment Fund (AIF) Related
15.Amendment to Alternative Investment Funds Regulations to prescribe provisions for valuation of
investments, dematerialisation of units, certification requirement for key employees of Investment
Manager, transactions with associates, and option to sell unliquidated investments to a new scheme of
Alternative Investment Funds
i.SEBI will direct Alternative Investment Funds (AIFs) towards a consistent and standardized approach to
valuing their investment portfolios.
ii.It has directed AIFs to dematerialize all units for all new and existing schemes with a corpus of more than Rs.
500 crore by October 31, 2023 in order to protect investors from operational risks and fraud.
iii.Existing AIF schemes with corpuses less than Rs. 500 crore are required to dematerialize their units by April
30, 2024.
Investor Grievances Redressal Related
16. Strengthening the Investor Grievance Redressal Mechanism in the Securities Market through
amendments to Regulations to operationalize Online Dispute Resolution (ODR) Mechanism for investors
across registered intermediaries / regulated entities
SEBI Budget
17. The SEBI Board has given its approval to the SEBI budget estimates for the fiscal year 2023–2024
(FY24).
Click here for official notification
Recent Related News:
i.SEBI revised its operational guidelines for Credit Rating Agencies (CRAs), mandating that by March 31, 2023,
they have a detailed policy in place regarding the non-submission of crucial information by issuers, including
quarterly financial numbers.
ii.SEBI stated in its circular for CRAs dated February 3, 2023, that these requirements would be in effect by
March 31, 2023. Prior to that, SEBI issued an operational circular on CRAs in January 2023, which was to take
effect on February 1, 2023.
About the Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– 1992

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Aditya Birla Health Insurance enters into bancassurance partnership with UCO Bank
Aditya Birla Health Insurance Co Ltd (ABHICL), a part of Aditya Birla Capital Ltd (ABCL), is a joint venture
between Aditya Birla Group and MMI Holdings of South Africa, inked a bancassurance partnership with UCO
Bank, for the distribution of its health insurance products.

• This partnership will enable ABHICL to utilize UCO Bank’s widely distributed network of 3,164
branches and reach out to more than 40 million customers of the bank across India.
Key Points:
i.With this association, UCO Bank’s customers and employees will have access to ABHICL’s comprehensive suite
of health-first insurance solutions like incentivized wellness benefits of up to 100% Health Returns and chronic
management program, Day-1 cover for asthma, high blood pressure, high cholesterol, diabetes; wellness
coaching on nutrition and fitness and counselling on mental health.
ii.With the UCO Bank partnership, ABHICL now has 17 bancassurance partners with over 80,000 direct selling
agents, across India.
About UCO Bank:
MD & CEO– Soma Sankara Prasad
Headquarters– Kolkata, West Bengal
Tagline– Honours your Trust

Ambit Finvest, SKALEUP join hands for Digital Lending Platform for MSMEs
Ambit Finvest Private Limited has partnered with SKALEUP, the digital technology services arm of Bajaj
Finserv Direct, to develop a D2C (direct-to-customer) instant loan application to give business loans to MSME
(Micro, Small & Medium Enterprises) business owners through a completely paperless and automated digital
onboarding process.

• The platform will oversee a wide variety of processes and services offered by Ambit Finvest, along
with multiple products. It will be capable of handling complex workflows that involve sales,
underwriting, and operations.
Key Points:
i.SKALEUP’s Creditech solution is a low-code/no-code digital platform that enables data-driven decisions.
ii.Ambit Finvest is the NBFC (Non-Banking Financial Company) of the Ambit Group and has served over 50,000
MSME business owners and disbursed more than Rs 3,500 crore in loans.

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 • In January 2023, Ambit Finvest acquired the MSME business of SME Corner (a digital lender
operating under the trade name Digikredit Finance and registered with the Reserve Bank of India
(RBI) as an NBFC).
iii.Bajaj Finserv Direct is a subsidiary of Bajaj Finserv.
About Ambit Finvest:
CEO– Sanjay Agarwal
Headquarters– Mumbai, Maharashtra
Tagline– Pragati Ke Partner

AMNS Luxembourg Holding signs USD 5 billion loan agreement with consortium of Japanese
banks
AMNS Luxembourg Holding S.A., the parent company of ArcelorMittal Nippon Steel India Limited (“AM/NS
India”), has entered into a USD 5 billion “JBIC co-financing loan” agreement with a consortium of Japanese
banks.

• The banks that make up the Japanese banking consortium are: The Japan Bank for International
Cooperation (“JBIC”), MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui
Trust Bank Limited, Mizuho Bank Ltd., and Mizuho Bank Europe N.V.
‘AM/NS India’ is the 60/40 steelmaking joint venture in India operated by Nippon Steel Corporation (“Nippon
Steel”) and ArcelorMittal (“AM”).
Key Points:
i.The proceeds from the JBIC co-financing loan will be utilized to finance a portion of the funds for AM/NS
India’s new construction and expansion of upstream, hot rolling, and other facilities.
• It will help AM/NS India increase its annual steelmaking capacity at its Hazira plant from 9 million
tonnes to 15 million tonnes.
ii.Upon receiving environmental clearances, the expansion project, which began in October 2022, will generate
more than 60,000 employment.
iii.“AM/NS India” is currently the fifth-largest producer of crude steel in India.
• With these measures to increase its capacity, Nippon Steel intends to meet the rising demand in the
Indian market and maintain its market position.
About Nippon Steel Corporation (“Nippon Steel”):
President – Eiji Hashimoto
Headquarters – Tokyo, Japan

Godrej Capital & SBI signs MoU to offer Banking Products & Services
Godrej Capital Limited, the financial services arm of the Godrej Group, and State Bank of India (SBI) have signed
a Memorandum of Understanding (MoU) to strengthen their partnership, where the bank would provide
various financial products and offerings.
• Godrej Capital and SBI will work together to increase the affordability and accessibility of financial
products, unlocking opportunities for financial inclusion.

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SBI aims to capitalise on synergies that will empower its customers and accelerate the growth of its economy.
• SBI will also focus on delivering financial solutions to the Godrej group.
The partnership leverages the advantages of both groups by facilitating a range of financial services provided
by the bank such as banking products, credit cards, wealth management and insurance products as preferred
partners.

Axis Bank partners with Shriram Housing Finance for Co-Lending

On 30th March 2023, Axis Bank, the third largest private sector bank in India, and Shriram Housing Finance
Limited (SHFL) announced a partnership under the co-lending model through the Yubi Co.Lend platform.
• Through this partnership, the lenders will each provide secured home loans and MSME (Micro,
Small and Medium Enterprise) loans to borrowers in the middle and low-income segments based in
rural and semi-urban areas.
• The collaboration will make use of the technological platform, Yubi to efficiently process loans
according to the co-lending guidelines.

ECONOMY & BUSINESS

MoC&I Released FTP 2023: India aims for increase exports to USD 2 trillion by 2030
On 31st March 2023, The Ministry of Commerce and Industry(MoC&I), Government of India(GoI), released the
Foreign Trade Policy (FTP) 2023 which aims to increase India’s exports to USD 2 trillion by 2030 by shifting
from incentives to remission and entitlement based regime.

• Union Minister Piyush Goyal, (MoC&I) released the FTP 2023 during an event held in New Delhi,
Delhi.
• The FTP 2023 is set to become effective from 1st April 2023.
• India is set to end the FY 2023 with a total export of USD 760-770 billion compared to the USD 676
billion in 2021-2022.
Key People:
Anupriya Patel, Ministers of State(MoS), MOC&I, Commerce Secretary Sunil Barthwal and Santosh Sarangi,
Director General of Foreign Trade (DGFT) were present during the release of FTP 2023.
Abut FTP 2023:
Unlike the usual 5 year-FTP, the FTP 2023 does not have an end date and it will be updated as and when
needed.
• The previous FTP came into force on 1st April 2015 and was later extended in the wake of COVID-19
pandemic and the subsequent disruption in economic activities.
• The last extension was given in September 2022 till 31st March 2023.
Highlights:
i.The FTP 2023 has identified 4 new Towns of Export Excellence (TEE) – Faridabad, Moradabad, Mirzapur,
and Varanasi – in addition to the existing 39 TEEs.

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ii.The benefits of FTP has been extended to e-commerce exports, which are expected to grow to USD 200-300
billion by 2030.
iii.The value limit for exports through courier service is being increased from Rs 5 lakh to Rs 10 lakh per
consignment.
iv.The FTP 2023 has ensured fee reduction for Micro, Small & Medium Enterprises (MSMEs).
v.The FTP 2023 aims to make Indian Rupee a global currency and allow international trade settlement in the
domestic currency.
vi.FTP 2023 will offer policy continuity and a responsive policy framework for promoting India’s Exports of
Goods and Services.
vii.FTP 2023 has also introduced an amnesty scheme for one-time settlement of default in export obligation.
About Ministry of Commerce and Industry(MoC&I):
Union Minister– Piyush Goyal(Rajya Sabha- Maharashtra)
Minister of State(MoS)- Som Parkash (Constituency- Hoshiarpur, Punjab) and Anupriya Patel(Constituency-
Mirzapur, Uttar Pradesh)

AWARDS & RECOGNITIONS

Aaliya Mir becomes First J&K Woman to Receive Wildlife Conservation Award
Aaliya Mir, a wildlife conservationist working for India-based charity Wildlife SOS, has been honoured with the
Wildlife Conservation Award for 2023 by the administration of the Union Territory (UT) Jammu and Kashmir
(J&K), for her conservation efforts in the region.

• She becomes the first Woman from J&K to receive the Wildlife Conservation Award.
• The Award carries a cash prize of Rs 25000 and a Momento.
She received the award from Manoj Sinha, Lieutenant Governor of J&K, on the International Day of Forests
(21st March 2023) event held by the Department of Forest, Ecology and Environment of the J&K government.
• She was recognised for her efforts spanning diverse aspects of wildlife conservation, which include
the rescue and release of wild animals, treatment of injured animals, human-wildlife conflict
mitigation and managing 2 bear rescue centres in Kashmir.
About Aaliya Mir:
i. Aaliya Mir has been associated with Wildlife SOS since 2002. She started as a volunteer and then began
undertaking diverse projects in J&K.
ii. She is the Programme Head and Education Officer at Wildlife SOS and Kashmir’s 1st female wildlife rescuer.
iii. She is primarily recognised for her work with snakes despite having rescued Asiatic black bears, Himalayan
brown bears, birds, leopards, and other species.
iv. In 2021, Wildlife SOS launched a wildlife rescue helpline under the leadership of Aaliya Mir.

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About Wildlife SOS:
Wildlife SOS is a non-profit organisation based in India that focuses on rescuing and rehabilitating wildlife. It
was founded in 1995.
Chief Executive Officer (CEO) & Co-founder- Kartick Satyanarayan
Headquarters- New Delhi, Delhi

APPOINTMENTS & RESIGNATIONS

UAE President names Sheikh Khaled as Crown Prince of Abu Dhabi
On 29th March 2023, Sheikh Mohammed bin Zayed Al Nahyan (Known by his initials MBZ), President of the
United Arab Emirates (UAE) and the ruler of Abu Dhabi, appointed his eldest son Sheikh Khaled bin
Mohamed bin Zayed Al Nahyan as Crown Prince of Abu Dhabi (UAE),
Other Appointments:
i. President Sheikh Mohammed also appointed his brother Sheikh Mansour bin Zayed Al Nahyan as Vice
President of the UAE.
ii. MBZ named his other brothers Sheikh Tahnoun bin Zayed Al Nahyan and Hazza bin Zayed Al Nahyan as
deputy rulers of Abu Dhabi.
About Sheikh Khaled bin Mohamed bin Zayed Al Nahyan:
i. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan was born on 8th January 1982.
ii. He is a member of the Abu Dhabi Executive Council and Chairman of both the Abu Dhabi Executive
Committee and the Abu Dhabi Executive Office.
iii. In 2016, Sheikh Khaled was appointed Head of National Security and in 2017, he was named Deputy
National Security Adviser.
iv. He is a member of Abu Dhabi’s Supreme Council for Financial and Economic Affairs, and a member of the
board of directors of Abu Dhabi National Oil Company (ADNOC).
v. Additionally, he serves as the head of several boards, including the Advanced Technology Research Council
(ATRC), the UAE Genomics Council, and the Executive Committee of the board of directors of ADNOC.
About the United Arab Emirates (UAE):
President- Sheikh Mohammed bin Zayed Al Nahyan
Prime Minister- Sheikh Mohammed bin Rashid Al Maktoum
Capital- Abu Dhabi
Currency- United Arab Emirates Dirham

Tata Power re-appoints Praveer Sinha as CEO & MD for Four Years
Tata Power Company Limited (TATA Power), one of India’s oldest and largest integrated power utilities, re-
appointed Praveer Sinha as its Chief Executive Officer (CEO) and Managing Director (MD) for 4 years with
effect from 1st May 2023.
His current tenure as the CEO and MD of Tata Power will conclude on 30th April 2023.
• On March 30, 2023, the Board of Tata Power approved the reappointment based on the proposal of
the Nomination and Compensation Committee.
• He is the chairman of the CII Western Region Council and co-chairs the CII National Committee on
Power.
• He is a visiting research associate at the Massachusetts Institute of Technology (MIT), Boston, USA.

Rajib K Mishra takes over as Chairman and Managing Director of PTC India
On 29th March 2023, Dr Rajib Kumar Mishra, a power market veteran with diverse experience in the sector,
has taken over as Chairman and Managing Director (CMD) of PTC India Limited, the leading provider of power
trading solutions in India, with an immediate effect.

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 • Dr Rajib K Mishra joined PTC Board on 24th February 2015 as Director (Marketing and Business
Development).
• Prior to PTC India Limited, he was in charge of Operations, Business Development, Retail & Advisory
Services while serving as Executive Director of PTC Inc. from October 2011.
• He has professional experience spanning 30 years with PowerGrid, NTPC, and PTC India.

ENVIRONMENT
Scientists of ICAR Discovers New Moray Eel Species- Gymnothorax Tamilnaduensis
The Indian Council of Agriculture Research (ICAR) scientists have discovered a Moray Eel fish of the Genus
Gymnothorax collected from the trawl bycatch landings at Mudasalodai fish landing centre, off Cuddalore coast,
Tamil Nadu, southeast coast of India.

It has been named after Tamil Nadu “Gymnothorax Tamilnaduensis” with a common name of “Tamil Nadu
brown moray eel”.
Discovery Publication:
i. The discovery has been published in the latest issue of the international peer-reviewed journal
“Zoosystematics and Evolution” on 23rd March 2023.
ii. The new species was discovered by researcher P. Kodeswaran, scientist G. Kantharajan, Principal scientist
T.T. Ajith Kumar, Indian Council of Agricultural Research-National Bureau of Fish Genetic Resources (NBFGR),
Anil Mohapatra of Estuarine Biology Regional Centre, Zoological Survey of India and Uttam Kumar Sarkar of
NBFGR.
iii. The name of the fish species is registered in the Zoobank, the online registration system for the
international commission on Zoological Nomenclature (ICZN).
About the Species:
i. The holotype of this new species has also been deposited at the National Fish Museum and repository of
ICAR-NBFGR, Lucknow.
ii. This is the first record of the Gymnothorax genus ever found on the south-eastern coast of India, the Bay of
Bengal, and was discovered during an exploration survey conducted along the coastal waters of Cuddalore.
iii. So far, Indian waters have been home to 28 different species of Gymnothorax.
• The discovery brings the overall number of Gymnothorax species to 29.
iv. Four specimens were captured in nets about 80 to 100 feet underwater
v. Gymnothorax Tamilnaduensis is between 10 and 20 inches long and belongs to a class of enigmatic water
creatures that are frequently discovered in crevices and holes.
• It is now the 4th known species of short brown unpatterned moray eels.
Moray eels:
i. Moray eels or Muraenidae are a family of eels found in all tropical and subtropical seas, they live in shallow
water among reefs and rocks.
ii. It can be found in both freshwater habitats and saltwater habitats.

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iii. They are known for 2 types of jaws: one is regular (oral) jaws with big teeth and the second jaw is called the
pharyngeal jaw (which drags prey inside the eel’s stomach).

IMPORTANT DAYS
International Transgender Day of Visibility 2023 – March 31
International Transgender Day of Visibility is annually observed across the globe on March 31 to celebrate
the achievements and contributions of transgender and gender-diverse people (TGD) around the world.
International Transgender Day of Visibility 2023 was observed on 31st March 2023.

Aim:
The day aims to raise awareness of the work that still needs to be done to eliminate discrimination and other
barriers to inclusion within all aspects of society.
Flag:
i. Transgender flag is a tricolour pride flag with five horizontal stripes in light pink, light blue, and white.
• The colour of the Transgender flag was proposed in 1999.
ii. It was designed by American trans woman Monica Helms to represent the transgender community,
organizations, and individuals.
Background:
i. International Transgender Day of Visibility was founded by Rachel Crandall, the United States of America
(USA)-based transgender activist in 2009.
Rachel Crandall is a psychotherapist and the executive director of Transgender Michigan, an organisation based
in the US.
ii. The 1st ever International Transgender Day of Visibility was observed on 31st March 2009.
History:
International Transgender day was sparked by the brutal death of Rita Hester, a black transgender woman, on
8th November 1998. The day was marked to commemorate her demise.
Transgender:
The term “Transgender”, shortly known as “Trans” refers to someone whose gender identity, gender
expression, or behaviour does not correspond to that which is typically associated with the sex to which they
were assigned at birth.
• Gender identity- refers to a person’s inner sense of being male, female, or something else.
• Gender Expression- refers to the way a person communicates gender identity to others through
behaviour, clothing, hairstyles, voice or body characteristics.
Some Challenges faced by Trans People:
i. Lack of Legal Protection- Legal protections for trans people from discrimination based on gender identity is
frequently lacking.

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 • There is still no comprehensive federal anti-discrimination law that covers gender identity, so trans
people may still be without redress if they experience discrimination when looking for housing or
eating in a restaurant.
ii. Poverty- Trans people experience poverty at high rates, and these rates are substantially higher for
transgender people of colour.
• Around 29% of trans adults live in poverty, as well as 39% of Black trans adults, 48% of Latinx trans
adults and 35% of Alaska Native, Asian, Native American and Native Hawaiian or Pacific Islander
trans adults.
India’s Effort to Support Trans:
i. Transgender Bill 2016:
• As per the transgender persons (Protection of Rights) Bill 2016, it prohibits discrimination against a
transgender person, including unfair treatment or denial of service in relation to employment,
education, healthcare, access to public goods and facilities, etc.
ii. In 2019, the 1st 30-member National Council for Trans People in India has been established by the Indian
government to advise, monitor, and evaluate measures to protect the people of the transgender community.

GA Questions Asked in Exams

• Affairscloud’s Self Analysis for General Awareness Section

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