Under SEBI’s revised regulations, which procedural reform has eliminated the concerns addressed by the earlier 1% security deposit requirement?

SEBI’s decision to abolish the 1% deposit requirement is supported by modern reforms such as mandatory allotments through demat accounts, ASBA, and UPI-enabled payments. These measures ensure efficient handling of investor grievances, such as refund delays and non-dispatch of certificates, reducing the need for security deposits. Other options either do not exist in the regulatory framework or do not directly address the investor concerns linked to public issues.

22nd November 2024 Current Affairs (Daily GK Update)

Table of Contents

National News

India’s First Constitution Museum Inaugurated at O.P. Jindal University

India’s first Constitution Museum, inaugurated by Lok Sabha Speaker Om Birla on November 23, 2a024, at O.P. Jindal Global University (JGU) in Sonipat, Haryana, aims to enhance public understanding of the Constitution. This initiative, launched alongside the National Convention on the Constitution of India, is a tribute to the architects of the Indian Constitution and a celebration of its 75-year journey since adoption.

Indian Army Chief Named Honorary General of Nepali Army

General Upendra Dwivedi, the Chief of Army Staff (COAS) of the Indian Army, was recently conferred with the title of Honorary General of the Nepal Army by the President of Nepal, Ramchandra Paudel. This honor reflects the deep-rooted historical, cultural, and military ties between India and Nepal. The tradition of honorary generalship between the two nations highlights the strong, enduring friendship and strategic cooperation shared by their armies.

International News

Kenya Cancels Airport and Energy Deals with Indian Tycoon Gautam Adani Amid U.S. Bribery Charges

Kenyan President William Ruto announced on November 21, 2024, the cancellation of multimillion-dollar deals with Indian business tycoon Gautam Adani, citing concerns over bribery and fraud allegations. The decision follows U.S. indictments against Adani, one of Asia’s richest men, accusing him of securities fraud and a bribery scheme linked to a solar energy project in India.

This announcement comes amid mounting criticism and protests in Kenya, where Adani’s deals were seen as controversial and potentially harmful to workers’ rights and job security.

State News

Tamil Nadu’s AI Mission: Centre of Excellence to Boost Startups and Academia

At The Hindu AI Summit 2024, Kumar Jayant, Additional Chief Secretary of the Department of Information Technology and Digital Services, announced Tamil Nadu’s initiative to establish a Centre of Excellence (CoE) with an AI lab. This move is aimed at fostering research, development, and supporting startups and academic institutions. The state is also integrating AI into governance, enhancing services in healthcare, agriculture, and public sector monitoring. This strategic shift reflects the state’s commitment to leveraging AI’s potential for both societal benefit and innovation.

Bihar to Host Khelo India Youth Games and Para Games in 2025

In a landmark development, Bihar will host the prestigious Khelo India Youth Games (KIYG) and the Khelo India Para Games (KIPG) in April 2025, showcasing the state’s growing capabilities in hosting major sporting events. This follows the successful organization of the Women’s Asian Champions Trophy in Rajgir, further cementing Bihar’s reputation in the sports arena. The announcement was made by Union Minister for Youth Affairs and Sports, Dr. Mansukh Mandaviya, who emphasized the importance of sports in achieving the vision of a ‘Viksit Bharat’ by 2047.

Karimganj District Gets New Name Sribhumi, Says CM Sarma

On November 21, 2024, the Assam government officially renamed the Karimganj district to Sribhumi, along with its headquarters town, Karimganj, which will now be called Sribhumi town. This move, authorized by Chief Minister Himanta Biswa Sarma, aims to honor the cultural heritage and historical significance of the region. The name change reflects the longstanding demand from the local people and connects the district to its spiritual roots, as described by Rabindranath Tagore over 100 years ago.

Summits and Conferences News

Armenia Becomes 104th Full Member of International Solar Alliance

Armenia has become the 104th full member of the International Solar Alliance (ISA), marking a significant milestone for global solar energy collaboration. The ISA, established in 2015, aims to scale up solar energy adoption, reduce costs, and facilitate innovation. Under India’s leadership, the ISA has launched impactful projects worldwide. Armenia’s membership highlights its commitment to sustainable energy solutions, contributing to the ISA’s goal of mobilizing USD 1000 billion by 2030 for solar energy deployment.

India Hosts First Global Cooperative Conference in 130 Years

India will host the International Cooperative Alliance (ICA) Global Cooperative Conference in New Delhi from November 25 to 30, 2024. This marks the first time in the 130-year history of the ICA that the global cooperative movement’s premier event will be held in India. Prime Minister Narendra Modi will launch the United Nations International Year of Cooperatives 2025 during this event.

Banking News

SEBI Abolishes 1% Security Deposit Mandate for Public Issues

In a significant move to enhance ease of doing business, the Securities and Exchange Board of India (SEBI) has abolished the requirement for issuer companies to deposit 1% of the issue size with stock exchanges before launching public issues of equity shares.

This decision, effective immediately, aligns with SEBI’s ongoing reforms to streamline market processes and minimize redundant compliance burdens. Previously, the 1% security deposit acted as a safeguard for resolving investor complaints post-issue, but SEBI’s circular underscores the redundancy of this requirement due to the evolving regulatory framework.

DPIIT Approves Hinduja Group’s IIHL Acquisition of Reliance Capital

The Department for Promotion of Industry and Internal Trade (DPIIT) has granted approval for the ₹10,000-crore acquisition of Reliance Capital Ltd (RCAP) by IndusInd International Holdings Ltd (IIHL), a Hinduja Group-backed firm. This marks a significant development in the resolution of the debt-ridden Reliance Capital, which had accumulated liabilities exceeding ₹40,000 crore. The deal, which has passed through the necessary regulatory clearances, paves the way for the finalization of the acquisition, resolving one of the key challenges facing the troubled financial entity.

Agreements News

Tata Power Signs Historic $4.25B Agreement with ADB

Tata Power, a leading integrated power company in India, has signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) for $4.25 billion to finance various clean energy projects. This collaboration aims to promote renewable energy sources, improve India’s power infrastructure, and contribute to achieving the country’s ambitious renewable energy goals. The partnership includes financing for large-scale solar-wind hybrid projects, pumped hydro storage systems, and enhancing power distribution networks.

Important Days News

National Philosophy Day 2024, Date, History, Theme and Significance

National Philosophy Day, also recognized globally as World Philosophy Day, is celebrated every year on the third Thursday of November. This day highlights the profound influence of philosophy in shaping human thought, fostering critical discourse, and addressing contemporary global challenges. In 2024, this day is observed on 21st November. Established by UNESCO in 2002, the occasion underscores the importance of philosophy in promoting intercultural dialogue and questioning assumptions that underpin human understanding.

World Television Day 2024, Celebrating the Power of Television

World Television Day is celebrated every year on November 21 to underscore the role of television as a vital medium of communication. It highlights the profound impact of television in shaping global awareness, influencing decision-making, and fostering education. Beyond entertainment, television serves as a platform to address critical global issues, including peace, conflicts, and social development. The day reminds us of the need to leverage this powerful medium for positive societal change.

Sports News

Eden Gardens to Honour Jhulan Goswami with Stand

India’s legendary cricketer Jhulan Goswami is set to receive a remarkable tribute at the iconic Eden Gardens in Kolkata. The Cricket Association of Bengal (CAB) has announced that a stand at the venue will be renamed in her honor, marking her as the first woman cricketer to receive this recognition. The official unveiling will take place on January 22, 2025, during the India-England T20I match. This accolade highlights her extraordinary achievements in women’s cricket and her continued contributions to the sport.

Alistair Brownlee Retires: A Triathlon Legend Bids Farewell

Double Olympic champion Alistair Brownlee, a key figure in the rise of British triathlon, announced his retirement from the sport at the age of 36. Known for his iconic victories in London 2012 and Rio 2016, Brownlee has left an indelible mark on triathlon, inspiring a new generation of athletes, including current Olympic champion Alex Yee.

Italy Clinches Fifth Billie Jean King Cup Title with Paolini’s Dominance

Italy claimed its fifth Billie Jean King Cup title on November 20, 2024, defeating Slovakia 2-0 in the final held in Malaga, Spain. Jasmine Paolini’s commanding 6-2, 6-1 victory over Rebecca Sramkova sealed the triumph for Italy, following Lucia Bronzetti’s 6-2, 6-4 win over Viktoria Hruncakova. The victory marked redemption for Italy after their loss in the previous year’s final and further solidified their standing as a dominant force in women’s international tennis.

Obituaries News

Former Supreme Court Judge Justice HS Bedi Passes Away at 78

Justice Harjit Singh Bedi, former Supreme Court judge and ex-Chief Justice of the Bombay High Court, passed away at the age of 78. Known for his significant role in reviewing cases of alleged fake encounters in Gujarat, Justice Bedi was an eminent legal luminary who served the judiciary with distinction. His cremation is scheduled for Friday in Chandigarh.

John Prescott, Former Deputy PM of Britain, Dies at 86

John Prescott, one of Britain’s most recognized politicians and a champion of the working class, passed away at the age of 86. Rising through the trade union movement, he became deputy prime minister in Tony Blair’s government, holding the position for a decade. Known for his plain-speaking style and connection to Labour’s roots, Prescott played a pivotal role in modernizing the party while maintaining its traditional values. His career, marked by significant achievements in environmental policy and social justice, left an indelible mark on British politics.