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Insights Daily Current Events, 27 February 2015

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Insights Daily Current Events, 27 February 2015

New proposals in the Railway Budget:

Kayakalp: It is an innovation council proposed to be setup. It will be set up for the purpose of business re-engineering and introducing a spirit of innovation in Railways.

Malaviya Chair’ for Railway Technology at IIT (BHU), Varanasi. This Chair will help in development of new materials to be used in all assets of Railways.

Financing Cell in the Railway Board: It will seek advices from experts in the railways field and helps in mobilising the resources to meet the budgetary requirements.

Foreign Rail Technology Cooperation Scheme: The Scheme aims to achieve the higher quality service for the nation. This is being launched because Technology intensive and complex projects like speed raising and station redevelopment require lot of handholding by a specialized agency in terms of preparatory work, exploring technology options and managing bid processes.

Operation Five Minutes: It ensures Speedy Purchase of Tickets for Unreserved Class Passengers.

Gandhi Circuit: It has been decided to promote tourism in the country through Gandhi Circuit. Indian Railways will join this effort through Incredible Rail for Incredible India. The Gandhi circuit will be set up by the Indian Railways Catering and Tourism Corporation (IRCTC) to mark the 100 years of the return of Mahatma Gandhi from South Africa to India.

Kisan Yatra: It is a special travel scheme for farmers to visit farming and marketing information centres.

 

Quick facts from the Railway Budget:

  • The size of the Plan Budget has gone up by 52% from Rs. 65,798 crore in 2014- 15 to Rs. 1,00,011 crore in 2015-16.
  • Support from the Central Government constitutes 41.6% of the total Plan Budget and Internal generation 17.8 %.
  • Nirbhaya Fund to be used for augmenting security of women passengers.
  • For raising long-term debt, the Railways could tap pension and insurance funds and set up a holding company or a joint venture with existing non-banking financial companies of public sector enterprises such as the Indian Railway Finance Corporation.
  • Debt could be raised from both domestic and foreign sources, including multilateral and bilateral financial institutions like the World Bank and the Asian Development Bank.
  • Earnings from passengers have risen in the past year on the back of a 14 per cent increase in fares announced in June 2014.

 

Sources: PIB.

 

Sebi imposes Rs 86 cr penalty on DLF

The Securities and Exchange Board of India (Sebi) has imposed a total penalty of Rs 86 crore on real estate major DLF and 40 related entities, including subsidiaries and key officials. The matter relates to disclosures made at the time of its Initial Public Offer (IPO) in 2007.

About SEBI:

The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.

Composition:

SEBI is composed of

  • The chairman who is nominated by Union Government of India.
  • Two members, i.e., Officers from Union Finance Ministry.
  • One member from the Reserve Bank of India.
  • The remaining five members are nominated by Union Government of India, out of them at least three shall be whole-time members.

For the discharge of its functions efficiently, SEBI has been vested with the following powers:

  • To approve by−laws of stock exchanges.
  • To require the stock exchange to amend their by−laws.
  • Inspect the books of accounts and call for periodical returns from recognized stock exchanges.
  • Inspect the books of accounts of financial intermediaries.
  • Compel certain companies to list their shares in one or more stock exchanges.
  • Registration of brokers.

Sources: The Hindu, Wiki.

Mock questions:

1) Consider the following statements regarding SEBI:

  1. It is a constitutional body.
  2. The chairman and members are appointed by the President of India.

Which of the above statements are true?

a) Only 1.

b) Only 2.

c) Both

d) None

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