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Daily G.K. - Top Stories

01 Mar 2023

DAILY G.K. TEST

Start Test

BUSINESS AND ECONOMY

SEBI Bars 21 Entities in Axis Mutual Fund Front-Running Case

  • The Securities and Exchange Board of India (SEBI) in 2023, issued interim orders in a case of alleged front-running at Axis Mutual fund, while issuing show cause orders to the mutual fund and related entities.
  • The SEBI directed that 21 entities be barred from the capital markets until further orders.
  • It identified Rs. 305 million ($3.7 million) as wrongful gains accrued due to the alleged front-running activities and directed that this amount be impounded from the entities. SEBI has not passed any directions against the fund house and its operations will not be impacted by it.
  • The regulator conducted a probe in a case of front running in trades of Axis Mutual Fund between September 2021 and March 31, 2022. Front running is a market malpractice of trading in securities ahead of large client orders for personal gains.
  • "Viresh Joshi, the then chief dealer of Axis MF, was observed to have traded in different securities ahead of the impending orders placed on behalf of the big client (Axis Mutual Fund)," SEBI said in the order.

Citi Consumer Business Becomes Axis Bank Property

  • Effective from  March 1, 2023, Citibank's consumer business in India will be transferred to Axis Bank, completing the final step in the process of acquisition that started in March last year.
  • The multinational bank's consumer business in India comprises credit cards, home loans, personal loans, retail banking and insurance distribution, among others. The deal came after Citigroup, in 2021, announced its decision to shutter its retail banking operations in 13 countries, including India, as part of a global business strategy.
  • Citibank has now put out a list of answers to customers' common queries about the transition process. Let's decode its responses to queries around Citi's existing products, services, charges, and more.
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SPORTS

Harmanpreet to Lead India in Hockey Pro League Matches Against Germany and Australia

  • Drag-flicker Harmanpreet Singh will lead a 20-member Indian men's hockey team against reigning world champions Germany and world No. 4 Australia in the upcoming FIH Hockey Pro League matches in Rourkela. Harmanpreet will be assisted by mid-fielder Hardik Singh.
  • The squad includes experienced goalkeeper PR Sreejesh and young Pawan, who replaced Krishan Bahadur Pathak, who has sought leave for his marriage.
  • The defence will be led by Harmanpreet, Jugraj Singh, Nilam Sanjeep Xess, Jarmanpreet Singh, Sumit, Manjeet, and Manpreet Singh.
  • The midfielders include Hardik, Vivek Sagar Prasad, Moirangthem Rabichandra Singh, Vishnukant Singh, Dilpreet Singh, Shamsher Singh and Raj Kumar Pal. Young S Karthi, Sukhjeet Singh, Abhishek and Gurjant will form the fulcrum of the strike force.
  • Australian David John and BJ Kariappa have been named as the interim coaches along with Shivendra Singh for the upcoming matches.
  • Those players who have not been selected have been relieved from the national coaching camp to play in the third Hockey India Senior Men Inter-Department National Championships 2023, which began in Bengaluru.
  • The national selectors have chosen a young team that is making good progress on the international stage. They will be well-guided by the presence of senior players who have extensive international experience playing for India.

Tennis Star Sania Mirza Received 'Inspirational Icon' Award from Former India Cricket Captain Sunil Gavaskar

  • Six-time Grand Slam champion Sania Mirza won the 'Inspirational Icon' award at the Sportstar Aces Awards at the Taj Mahal Palace Hotel in Mumbai.
  • Tennis star Sania, who announced her retirement earlier this month, was a trailblazer. Sania returned stronger than ever from a wrist injury in 2008, and has served an inspiration for young girls across the nation. She reached a highest career singles ranking of 27.
  • Sania received the award from former India cricket captain Sunil Gavaskar. "Growing up, like most youngsters, I read the Sportstar magazine. I dreamt of being on the cover one day. I put up Sportstar posters of Sachin Tendulkar, Sunil Gavaskar and others who have inspired me. It is a true honour for me to be here, and to be a part of the Sportstar family," Sania said.
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NATIONAL AFFAIRS

Karnataka and Gujarat are among the Major States Making the Most Progress in Transition to Clean Electricity

  • According to a recent assessment from the Institute for Energy Economics and Financial Analysis (IEEFA) and Ember, Gujarat and Karnataka are two states that are progressing the fastest in terms of overall preparedness and commitment for the switch to clean electricity.
  • The paper examines 16 Indian states across four dimensions, which together supply 90% of the nation's yearly electricity needs. The aspects measure a state's readiness to move away from fossil fuel-based energy, its capacity to encourage greener market participation, the dependability of its power system, and its policies supporting the decarbonisation of the power sector. The States' Electricity Transition (SET) scoring system, which evaluates how well each state is doing in making the switch to clean electricity, was created by the report's authors using the results of this investigation.

UK Foreign Secretary in India, to Launch Scheme for Young Professionals

  • External Affairs Minister S. Jaishankar on 1 March, 2023 held a bilateral meeting with UK Foreign Secretary James Cleverly, holding discussions on the commencement of the Young Professional Scheme. 
  • During a visit to the Indian Institute of Technology (IIT) in Delhi on 1 March, 2023, the Foreign Secretary marked the opening of the Young Professionals Scheme, an ambitious new partnership between the UK and India which allows up 3,000 Brits and 3,000 Indians a year the right to live and work in the other country for up to two years, read a release from the UK Embassy.
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PERSONS IN NEWS

Rajesh Malhotra appointed as Principal DG of PIB

  • Senior Indian Information Service (IIS) officer Rajesh Malhotra has been appointed as the Principal Director General of the Press Information Bureau (PIB), news agency PTI reported. In his new role, he will be the principal spokesperson of the government of India.
  • Malhotra will replace Satyendra Prakash, who took charge as Principal DG of PIB in August 2022.
  • Malhotra, a 1989 batch officer, was promoted to a higher grade of IIS in June last year and was subsequently appointed as the Principal Director General of the Central Bureau of Communication. In that role, he spearheaded the publicity of the Ministry of Finance in the PIB.
  • Malhotra comes with 30 years of operational experience in planning and implementation of Media & Communication strategies for the Election Commission of India and various Central Government Ministries/Departments including Finance, Company Affairs, Agriculture, Power, Coal, Mines, Communications & IT, Textiles, Labour, New & Renewable Energy.
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DAYS AND EVENTS

Zero Discrimination Day Celebrated on March 1

  • Zero Discrimination Day was celebrated on March 1, 2023. Every year events, workshops, seminars, and educational programmes are held on Zero Discrimination Day globally to educate people about the adverse effects of discrimination on the world.
  • The day is mainly celebrated by organizations like UNAIDS. The main objective of the day is to promote equality. 
  • The first Zero Discrimination Day was celebrated in 2014. It was launched by UNAIDS. The first Zero Discrimination Day celebrations were conducted in Beijing.
  • The theme of Zero Discrimination Day 2023 is "Save Lives: Decriminalize".

Zero Discrimination Day Celebrated on March 1

  • Zero Discrimination Day was celebrated on March 1, 2023. Every year events, workshops, seminars, and educational programmes are held on Zero Discrimination Day globally to educate people about the adverse effects of discrimination on the world.
  • The day is mainly celebrated by organizations like UNAIDS. The main objective of the day is to promote equality. 
  • The first Zero Discrimination Day was celebrated in 2014. It was launched by UNAIDS. The first Zero Discrimination Day celebrations were conducted in Beijing.
  • The theme of Zero Discrimination Day 2023 is "Save Lives: Decriminalize".

World Seagrass Day 2023

  • The seagrasses are grass-like plants that live close to the sea. They are the only flowering plant to grow in the marine environment. There are more than 60 seagrass species in the world. They act as the best carbon sink and provide food for marine life. The United Nations celebrates World Seagrass Day on March 1. The resolution to celebrate the day was passed in 2022.
  • Seagrasses cover only 0.1% of the sea floor. They provide shelter and food to almost all marine life like seahorses, fish, turtles, etc. The seagrasses improve water quality by adding nutrients, filtering, and cycling.
  • They can store upto 18% of the ocean's carbon and therefore are considered powerful tools to tackle climate change. Seagrass buffers ocean acidification. They support the most vulnerable species in the oceans.
  • During high tidal waves and tsunamis, they are the first line of protector.
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ART AND CULTURE

Kerala Temple Becomes India's First to Induct Robotic Elephant for Ritual Duties

  • The Irinjadappilly Sree Krishna Temple in Kerala's Thrissur district has become the first in the country to use a mechanical, lifelike elephant for temple rituals. The temple priests performed 'Nadayiruthal' or ceremonial offering to the deity, of Irinjadappilly Raman, a magnificent, lifelike mechanical or "robotic" elephant.
  • Irinjadappilly Raman has been gifted to the temple by animal rights organisation People for the Ethical Treatment of Animals (PETA) India with the support of award-winning Indian film actor Parvathy Thiruvothu. 'Irinjadappilly Raman' will help conduct ceremonies at the temple in a safe and cruelty-free manner and thereby support real elephants' rehabilitation and life in forests, ending the horror of captivity for them.
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LAW AND CONSTITUTIONAL AFFAIRS

CJI Chandrachud to inaugurate American Bar Association India Conference 2023 on March 3

  • Chief Justice of India (CJI) D. Y. Chandrachud will inaugurate the American Bar Association (ABA) India Conference 2023 on 'Law in the Age of Glocalisation: Convergence of India and the West' in New Delhi on March 3.
  • Besides inaugurating the three-day international conference, the CJI will also deliver the keynote address on the occasion, in the presence of Attorney General R. Venkataramani, Solicitor General Tushar Mehta, President of the Law Society of England and Wales Lubna Shuja and Chair of the ABA International Law Section Marcos Rios.
  • Pratibha Jain, Chair, India Committee, ABA; Head of Strategy & Group General Counsel, Everstone Group, said the legal profession has come together in an unprecedented manner to curate this conference.
  • Chief Justice of India (CJI) D.Y. Chandrachud will inaugurate the American Bar Association (ABA) India Conference 2023 on 'Law in the Age of Glocalisation: Convergence of India and the West' in New Delhi on March 3. 
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