PRELIM SNIPPETS March 03rd 2022

Why in News?

  • The Pension Fund Regulatory and Development Authority (PFRDA) has recently proposed a guaranteed return scheme, Minimum Assured Return Scheme (MARS), which will provide savers and people from the salaried class an option for their investments.

Highlights:

  • This will be the first scheme from the pension regulator that will offer a guaranteed return to investors.
  • India’s pension assets under management have already crossed the Rs 7-lakh crore mark and are expected to touch RS 7.5-lakh crore by end March this fiscal 2021-22.
  • PFRDA is aiming for an AUM (Assets Under Management) of Rs 30-lakh crore by 2030.
  • To have a separate scheme that can offer a guaranteed minimum rate of return to NPS (National Pension System) subscribers, especially those who are risk averse.
  • Currently, the NPS gives returns annually, based on prevailing market conditions.
  • The actual returns will depend on the market conditions. Any shortfall will be made good by the sponsor, and the surplus will be credited to the subscribers’ account.
  • Under the fixed guarantee option, the guaranteed return is fixed along the accumulation phase
  • Under the floating guarantee option, the guaranteed rate of return is not fixed along the savings phase.
  • The Central Government introduced the NPS with effect from January 2004 (except for armed forces).
  • In 2018 to streamline the NPS and make it more attractive, the Union Cabinet approved changes in the scheme to benefit central government employees covered under NPS.

Securities and Exchange Board of India (SEBI)

Tag: Banking

Why in News?

  • Madhabi Puri Buch, former whole-time member of the Securities and Exchange Board of India (SEBI), has recently been appointed as its new chairperson — the first woman to head the market regulator. She will hold the position for Three Years.

Highlights:

  • SEBI is a Statutory Body (a Non-Constitutional body which is set up by a Parliament) established on 12th April, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
  • The basic functions of SEBI Is to protect the interests of investors in securities and to promote and regulate the securities market.
  • The headquarters of SEBI is situated in Mumbai. The regional offices of SEBI are located in Ahmedabad, Kolkata, Chennai and Delhi.
  • SEBI Board consists of a Chairman and several other whole time and part time members.
  • SEBI also appoints various committees, whenever required to look into the pressing issues of that time.
  • Further, a Securities Appellate Tribunal (SAT) has been constituted to protect the interest of entities that feel aggrieved by SEBI’s decision.
  • SAT consists of a Presiding Officer and two other Members.
  • It has the same powers as vested in a civil court. Further, if any person feels aggrieved by SAT’s decision or order can appeal to the Supreme Court.

 

  1. International Court of Justice (ICJ)

Tag: International Organisations

Why in News?

  • Ukraine has recently filed an application before the International Court of Justice (ICJ), instituting proceedings against Russia.

Highlights:

  • Ukraine has accused Russia of falsely claiming that “acts of genocide have occurred in the Luhansk and Donetsk oblasts of Ukraine”, and of using that as a pretext to recognise the independence of these regions and of going to war against Ukraine.
  • The dispute is concerning 1948 Convention on the Prevention and Punishment of the Crime of Genocide (the “Genocide Convention”).
  • The ICJ is the principal judicial organ of the United Nations (UN).
  • It is the only one of the six principal organs of the UN that is not located in New York City
  • It was established in June 1945 by the Charter of the UN and began work in April 1946.
  • The court is the successor to the Permanent Court of International Justice (PCIJ), which was brought into being through, and by, the League of Nations.
  • The court is the successor to the Permanent Court of International Justice (PCIJ), which was brought into being through, and by, the League of Nations.
  • PCIJ held its inaugural sitting at the Peace Palace in The Hague, Netherlands, in February 1922.
  • The ICJ has 15 judges who are elected to nine-year terms by the UN General Assembly and Security Council, which vote simultaneously but separately.
  • To be elected, a candidate must receive a majority of the votes in both bodies, a requirement that sometimes necessitates multiple rounds of voting.
  • Elections are held at the UNHQ in New York during the annual UNGA meeting.

 

  1. CAATSA (Countering America’s Adversaries Through Sanctions Act)

Tag: International Policies

Why in News?

  • India, which has major defence cooperation with Moscow and also with Kyiv, faces uncertainty over timely deliveries in the near future in addition to the lingering threat of U.S. sanctions under CAATSA (Countering America’s Adversaries Through Sanctions Act) over the S-400 deal.

Highlights:

  • In the past, tensions between Russia and Ukraine had considerably delayed the modernisation of the AN-32 transport fleet of the Indian Air Force (IAF).
  • So, the latest concern is that this war could result in delays in deliveries from Russia both due to their own domestic commitments as well the sanctions imposed by the West.
  • In the past, tensions between Russia and Ukraine had considerably delayed the modernisation of the AN-32 transport fleet of the Indian Air Force (IAF).
  • So, the latest concern is that this war could result in delays in deliveries from Russia both due to their own domestic commitments as well the sanctions imposed by the West.
  • While Russia has been a traditional military supplier sharing platforms and technologies that others wouldn’t, the cooperation has further deepened in recent years.
  • For instance, with the $5.43bn deal S-400 air defence systems as well as other big ticket deals, the defence trade between the two countries has crossed $15bn since 2018.

 

  • Even today, over 60% of Indian military inventory is of Russian origin, especially with respect to fighter jets, tanks, helicopters and submarines among others, while several major deals are in the pipeline.

India had also signed a separate deal with Ukraine for eight Zorya-                 Mashproekt gas turbine engines for the frigates.

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