Introduction The Securities and Exchange Board of India (SEBI) is India’s principal regulator for the securities market. It exists to protect investors, ensure fair and transparent trading, and promote orderly development of the capital market. SEBI was first set up in 1988, but it became a statutory body only after the SEBI Act, 1992, which strengthened its legal authority in the wake of serious market failures and scams. Objectives of SEBI SEBI’s objectives broadly combine investor protection with market development and regulation. SEBI’s Organisational Structure SEBI is governed by a Board, which reflects representation from the Government and RBI along with expert members. The Central Government has powers to remove members on specified grounds such as insolvency, unsound mind, or conviction for offences involving moral turpitude. Functions of SEBI SEBI performs regulatory, protective, and developmental functions. Its functions extend across exchanges, intermediaries, listed companies, and market products. A relevant current compliance function is SEBI’s mandate for the top listed companies to file the Business Responsibility and Sustainability Report (BRSR), which focuses on ESG-related non-financial disclosures. Powers of SEBI SEBI has strong enforcement and investigation powers, including powers similar to those of a civil court under the Code of Civil Procedure, 1908, for certain purposes. During or after investigations, SEBI can also take market-protective actions such as: Securities Appellate Tribunal To ensure judicial oversight over SEBI’s orders, the SEBI Act provides an appellate mechanism through the Securities Appellate Tribunal (SAT). Key Reforms and Achievements SEBI is widely credited with modernising India’s securities markets and improving safety, transparency, and settlement efficiency. Criticisms and Limitations Despite strong legal powers, SEBI has faced criticism relating to timeliness, enforcement, and surveillance effectiveness in certain cases. Way Forward For stronger market trust and better investor protection, SEBI’s improvement areas usually converge around enforcement capacity and surveillance quality.
Civil Liability for Nuclear Damage Act 2010
Civil nuclear energy carries inherent risks despite high safety standards. A nuclear accident can cause large-scale loss of life, environmental damage, and long-term health consequences. To ensure quick and adequate compensation to victims and to create legal clarity for nuclear operations, countries adopt special nuclear liability laws. In India, the Civil Liability for Nuclear Damage Act, 2010 provides the legal framework governing liability and compensation in case of a nuclear incident. The Act became particularly significant after India entered into international civil nuclear cooperation agreements and sought to expand its nuclear energy capacity. Background and Need for the Act Before 2010, India lacked a comprehensive domestic law dealing with civil liability for nuclear damage. The need for such a law arose due to multiple factors: The Act was enacted to balance public safety, victim protection, and investor confidence. Enactment and Legal Status Objectives of the CLNDA The Act aims to: International Context and Legal Basis The Act is broadly aligned with global nuclear liability principles reflected in international conventions such as: These conventions emphasize victim-centric compensation, strict liability, and channeling of liability to operators to avoid prolonged litigation. Core Principles of the Act The Act incorporates the following fundamental principles: These principles are intended to simplify compensation and protect affected individuals. Liability Structure under CLNDA Operator’s Liability Government Liability Supplier Liability and Right of Recourse A distinctive feature of the Indian law is the provision allowing operator’s right of recourse against suppliers. This aspect has been a major reason behind delays in foreign nuclear power projects in India. Compensation Mechanism The Act provides a structured mechanism for compensation: This mechanism prioritizes speed and fairness in compensation delivery. Institutional Framework The Act establishes and empowers key institutions: Challenges and Criticisms Despite its victim-centric approach, the Act has faced criticism:
Fifth Schedule of the Indian Constitution
Constitutional Basis The Fifth Schedule of the Indian Constitution deals with the administration and control of Scheduled Areas and Scheduled Tribes in states other than Assam, Meghalaya, Tripura, and Mizoram. It operates in conjunction with Article 244(1) of the Constitution. Scheduled Areas are those areas where tribal populations are concentrated and which require special constitutional safeguards to protect tribal interests, land, culture, and autonomy. Criteria for Declaration of Scheduled Areas The criteria for declaring an area as a Scheduled Area were laid down by the Dhebar Commission (1960–61). These criteria are not explicitly mentioned in the Constitution but are well established in practice. They include: Applicability of the Fifth Schedule Under Article 244(1), the Fifth Schedule applies to all Scheduled Areas in states except: Declaration and Alteration of Scheduled Areas Executive Powers in Scheduled Areas Role of the State Role of the Governor Role of the Union Tribes Advisory Council (TAC) Composition Powers of the Governor over TAC The Governor may frame rules regarding: Function The TAC advises on matters relating to: Legislative and Regulatory Powers of the Governor Applicability of Laws Power to Make Regulations The Governor can make regulations for the peace and good government of Scheduled Areas after consulting the TAC. Such regulations may: Panchayats and the Fifth Schedule Exemption from Part IX PESA Act, 1996 States Covered Under the Fifth Schedule The Fifth Schedule applies to Scheduled Areas in 10 states: Significance of the Fifth Schedule Issues and Challenges in Implementation
India–Ethiopia Relations
India–Ethiopia Relations : Overview Educational and Knowledge Cooperation Investment and Economic Engagement Defence and Security Cooperation Why Ethiopia Matters Key Strategic and Economic Attractions Manufacturing and Market Potential Energy and Infrastructure Political and Regional Context Challenges and Untapped Opportunities Investment Barriers Sectoral Opportunities for India Multilateral and Regional Cooperation Conclusion
Aravalli Range Conservation: Measures to Protect India’s Oldest Hills
Context The Supreme Court intervened to protect the Aravalli hills by fixing a uniform definition of the Aravalli range and pausing new mining leases across Delhi, Haryana, Rajasthan and Gujarat due to large-scale ecological damage caused by mining. Why Aravallis are important • Act as a barrier against desertification of the Indo-Gangetic plains.• Help in groundwater recharge, climate regulation and biodiversity protection.• Support rivers like Chambal, Sabarmati and Luni. What was the problem • Excessive and illegal mining over decades.• States used different definitions of Aravallis to allow mining.• Blanket bans earlier led to illegal mining mafias. Supreme Court’s approach • Accepted a uniform, scientific definition of Aravalli hills.• Paused fresh mining leases.• Directed preparation of a Management Plan for Sustainable Mining (MPSM).• Mining completely banned in ecologically sensitive areas.• Limited, regulated mining allowed elsewhere. Government action • Launched Aravalli Green Wall Project to expand green cover in buffer areas, aims to restore 26 million hectares of degraded land by 2030.
US Venezuela Relations: US Labels Govt Terrorist, Orders Oil Blockade
Context The U.S. has intensified pressure on Venezuela by declaring the Nicolás Maduro government a “foreign terrorist organisation” and ordering a total blockade of oil tankers, tightening economic and military pressure. USA–Venezuela: Key Developments • Designation: U.S. President Donald Trump labelled the Maduro government a terrorist regime, alleging links to drug trafficking, terrorism, human trafficking and oil theft.• Oil blockade: The U.S. ordered a “total and complete blockade” of sanctioned oil tankers entering and leaving Venezuela.• Trigger: The decision followed the seizure of a Venezuelan crude tanker by the U.S.• Economic impact: Oil provides over 90% of export earnings; Venezuela exports 600,000+ barrels/day, making the blockade financially severe.• Military posture: The U.S. has increased military presence around Venezuela, raising escalation concerns.• Venezuela’s response: President Maduro termed the move “irrational”, accused the U.S. of naval piracy, and rejected foreign domination.
SEBI Brokerage Norms: Regulator Reviews Decades-Old Rules
Context The Securities and Exchange Board of India (SEBI) has reviewed and updated decades-old brokerage and mutual fund regulations with the objective of reducing costs for investors, improving transparency, and simplifying market rules. The decisions were taken in SEBI’s board meeting. Changes brought by SEBI• Mutual fund expense ratio reduced by up to 15 basis points.Benefit: Investors pay less fees, so their returns increase over time.• Base Expense Ratio (BER) introduced, excluding GST, stamp duty and Securities Transaction Tax.Benefit: Investors can clearly see what the fund manager is actually charging.• Additional 5 basis points exit load on early redemption removed.Benefit: Investors can exit funds without extra penalty.• Brokerage capped at 6 basis points (cash market) and 2 basis points (derivatives).Benefit: Traders and investors cannot be overcharged by brokers.• Research cost included within brokerage; no separate research charge allowed.Benefit: Investors do not pay twice for brokerage and research.
Nuclear Energy Bill India: Lok Sabha Passes Bill Allowing Private Sector
CONTEXT The Lok Sabha passed the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, 2025, which proposes opening India’s civil nuclear sector to private and foreign participation and amending the existing nuclear liability framework. The Bill triggered sharp debate in Parliament, with the Opposition raising concerns over liability dilution and lack of scrutiny. KEY PROVISIONS • The Bill allows private Indian and foreign companies to set up and operate civil nuclear power plants, a sector so far dominated by public sector entities.• It opens the civil nuclear sector to foreign investment, aimed at mobilising capital and facilitating faster nuclear capacity expansion.• The Bill places the responsibility for managing nuclear power plants on the operator, making the operator accountable for plant functioning.• It limits the liability of the operator in case of a nuclear accident to the capacity of the nuclear plant, replacing the earlier open-ended liability framework.• The Bill removes the provision that allowed operators to seek legal recourse against equipment suppliers under the Civil Liability for Nuclear Damage Act, 2010.• The government retains control over nuclear waste management, even while permitting private participation in plant operations. ISSUES AND CONCERNS RAISED • The Opposition argued that removal of supplier liability weakens accountability, especially if accidents occur due to faulty equipment.• Concerns were raised that capping operator liability may dilute compensation for victims of nuclear accidents.• The Opposition alleged that the Bill favours large corporate interests, questioning the timing of the legislation.• Demand for sending the Bill to a parliamentary standing committee for scrutiny was rejected, leading to criticism over insufficient legislative examination.• The government countered that the Bill is investment-oriented and not company-specific, and that changes are necessary to make the sector viable.
India Bangladesh Relations: India Urges Safety Amid Dhaka Protests
Context India raised concerns over the safety and security of its diplomatic mission in Dhaka after a radical group in Bangladesh announced a march to the Indian High Commission. Following this, the Ministry of External Affairs summoned the Bangladesh High Commissioner in New Delhi and reminded Bangladesh of its responsibility under international norms to protect foreign missions. What is happening in Bangladesh • A radical group in Dhaka announced a march to the Indian High Commission to protest India’s alleged interference in Bangladeshi politics.• The protestors demanded the return of “Fascist Hasina”, referring to ousted former Prime Minister Sheikh Hasina, who is currently living in India.• The group also called for an end to what it described as an “unchecked conspiracy” by India’s proxy political party, media and officials. In response, India: • Summoned Bangladesh’s High Commissioner to New Delhi.• Emphasised Bangladesh’s responsibility to ensure the safety of Indian diplomatic and visa facilities.• India rejected the allegations, stating that extremist elements are attempting to create a false narrative about India’s role in recent developments in Bangladesh.
India West Asia Policy Reiterated During Jordan and Israel Visits | GS2
Context PM Modi conferred Ethiopia’s highest civilian award. • PM Narendra Modi received “The Grand Honour – Nishan of Ethiopia”. Significance: • Recognition of India’s growing engagement with Africa.• India–Ethiopia ties elevated to a Strategic Partnership. Core Developments PM Modi in Jordan • Talks with King Abdullah II in Amman. Key focus: • India–Jordan cooperation in Syria’s reconstruction.• Infrastructure collaboration (railways, next-gen infrastructure).• Joint concern over terrorism, extremism, radicalisation. Significance: • India’s role as a responsible stakeholder in West Asian stability. EAM Jaishankar in Israel • Visit to Tel Aviv; meetings with Israeli leadership. Key points: • Reaffirmed zero tolerance to terrorism.• Supported U.S.-proposed Gaza peace plan for a durable solution. Context: • Visit amid Israeli law restricting UNRWA activities (historically supported by India). Significance: • Balanced diplomacy: strong Israel ties alongside Arab engagement.
