Introduction The Securities and Exchange Board of India is the statutory regulatory body responsible for regulating India’s securities market. It ensures orderly functioning of stock exchanges, protects investors’ interests and promotes the development of the capital market. Establishment and Legal Status • Established in 1988 as a non-statutory body.• Granted statutory powers under the SEBI Act, 1992 following the Harshad Mehta securities scam.• Headquartered in Mumbai. SEBI functions as an autonomous regulator under the Ministry of Finance. Objectives • Protect the interests of investors.• Regulate securities markets and intermediaries.• Promote fair, transparent and efficient capital markets.• Prevent fraudulent and unfair trade practices. Composition • Chairperson• Two members from the Ministry of Finance• One member from the Reserve Bank of India• Five other members appointed by the Central Government Powers and Functions Regulatory Functions • Registers and regulates stock brokers, merchant bankers, mutual funds, credit rating agencies and other intermediaries.• Regulates stock exchanges and securities markets.• Approves IPOs and monitors disclosure requirements. Protective Functions • Prohibits insider trading and market manipulation.• Investigates fraudulent and unfair trade practices.• Issues penalties, bans and directions against violators. Developmental Functions • Promotes investor education and awareness.• Encourages technological innovation in trading systems.• Facilitates market reforms such as dematerialisation and online trading. Key Regulations and Reforms • Introduction of T+1 settlement cycle.• Strengthening of corporate governance norms.• Regulation of Alternative Investment Funds and Real Estate Investment Trusts.• Tightening disclosure norms for listed companies. Importance SEBI plays a crucial role in • Ensuring investor confidence.• Maintaining financial stability.• Supporting capital formation and economic growth.• Enforcing transparency in securities markets. A strong securities regulator is essential for attracting domestic and foreign investment. Conclusion The Securities and Exchange Board of India serves as the cornerstone of India’s capital market regulation. Through its regulatory, protective and developmental functions, it upholds market integrity, safeguards investors and strengthens the financial architecture of the country.
Indian Gas Exchange (IGX)
Introduction The Indian Gas Exchange is India’s first automated national-level trading platform for natural gas. It enables transparent price discovery and competitive gas trading through an online marketplace. It was launched in 2020 as part of India’s broader energy market reforms aimed at creating a gas-based economy. Objective • Promote transparent and market-based pricing of natural gas.• Facilitate short-term and spot gas trading.• Improve liquidity and efficiency in the gas market.• Support the government’s target of increasing the share of natural gas in India’s energy mix. Ownership and Structure IGX is promoted by the Indian Energy Exchange along with key public sector entities such as GAIL, ONGC, IOCL and other stakeholders in the energy sector. It operates under the regulatory oversight of the Petroleum and Natural Gas Regulatory Board. How IGX Functions • Buyers and sellers trade natural gas electronically through an online platform.• Gas is traded at designated delivery points connected to the national gas grid.• Transactions are executed through competitive bidding.• Settlement is based on transparent price discovery. Products Traded • Day-ahead contracts• Intraday contracts• Forward contracts• Weekly and monthly contracts These products help consumers manage short-term supply needs and price risks. Significance Energy Security • Diversifies procurement options for industries and power plants.• Enhances supply flexibility during demand fluctuations. Market Transparency • Reduces dependence on opaque bilateral contracts.• Establishes benchmark gas prices within India. Economic Efficiency • Encourages competition among suppliers.• Improves utilisation of existing pipeline infrastructure. Policy Alignment • Supports India’s ambition to raise the share of natural gas in its energy basket to 15 percent. Challenges • Limited pipeline connectivity in some regions.• Dependence on imported LNG.• Price volatility in global gas markets.• Need for deeper liquidity and higher participation. Conclusion The Indian Gas Exchange represents a significant step toward liberalising India’s natural gas sector. By enabling transparent trading and competitive pricing, it strengthens market efficiency, enhances energy security and supports India’s transition toward a cleaner and more diversified energy economy.
INS Anjadip Commissioned: Boost to Indian Navy Anti-Submarine Warfare Capability
Type: Anti-Submarine Warfare Shallow Water Craft (ASW-SWC)This class of vessels is specifically designed to operate in shallow coastal waters where larger destroyers or frigates may face limitations. Service: Indian NavyCommissioned: 2026 (Chennai)Builder: Garden Reach Shipbuilders & Engineers (GRSE), KolkataProject: Part of the 16-ship ASW-SWC programme aimed at boosting coastal defence. Role • Detects, tracks and destroys enemy submarines operating close to India’s coastline.• Enhances India’s littoral Anti-Submarine Warfare (ASW) capability, especially in shallow waters where submarine threats are harder to track. Key Systems • Hull-mounted sonar optimised for shallow water detection.• Lightweight torpedoes for precise submarine targeting.• Anti-submarine rocket systems for rapid response.• Integrated Combat Management System (CMS) for coordinated operations.• Search and Rescue (SAR) capability to support humanitarian missions as well. Significance • Strengthens India’s ability to counter submarine threats in coastal zones.• Enhances maritime security in the Arabian Sea, a region of growing strategic competition.• Reflects progress in indigenous defence manufacturing under Aatmanirbhar Bharat. Earlier ASW-SWCs Commissioned • INS Arnala• INS Androth• INS Agray INS Anjadip is the fourth ship inducted under this programme, gradually building a layered coastal defence network. Anjadip Island – Historical Importance • Located off the Karwar coast of Karnataka in the Arabian Sea.• Served as an early Portuguese maritime base in the 16th century.• Played a supporting role during Operation Vijay (1961), India’s operation to liberate Goa, helping consolidate control over the western seaboard after liberation.
Meningococcal Disease Surveillance Intensified in Meghalaya
Meningococcal Disease Causative Agent: Neisseria meningitidis, a bacterium.Nature of Disease: Causes acute bacterial meningitis and may also lead to septicemia, which can become life-threatening rapidly. Spread • Transmitted through respiratory droplets released during coughing or sneezing.• Requires close contact for transmission.• Spreads faster in crowded settings such as hostels, military barracks and dormitories. Risk Factors • Overcrowding increases transmission probability.• Low immunity makes individuals more vulnerable.• Unvaccinated populations are at higher risk.• Seasonal peaks may be observed in outbreaks. Symptoms • High fever accompanied by severe headache.• Neck stiffness, indicating meningeal irritation.• Vomiting and altered sensorium.• Purplish rash in septicemic cases.• Can rapidly progress to shock if untreated. Treatment • Early administration of antibiotics is critical for survival.• Chemoprophylaxis is advised for close contacts to prevent secondary spread. Vaccination • MenACWY vaccine available.• MenB vaccine available. Important Bacterial Diseases (For Comparison) Tuberculosis | Typhoid | Cholera | Plague | Diphtheria Important Viral Diseases COVID-19 | Measles | Influenza | Dengue | Hepatitis B | Rabies Key Insight: In densely populated settings, meningococcal disease can spread quickly. Early diagnosis, antibiotic therapy and vaccination significantly reduce mortality rates.
International Law and UN Charter Article 2(4) Amid Global Conflicts
Context In the backdrop of the Russia–Ukraine war, the Gaza conflict, U.S. actions in Venezuela and rising great-power rivalry, scholars argue that international law is weakening. The editorial counters this claim by emphasising its continued resilience. UN Charter – Article 2(4) • Prohibits the threat or use of force against the territorial integrity or political independence of states.• Forms the foundation of the post-World War II international order. Exceptions • Article 51 permits self-defence if an armed attack occurs.• The UN Security Council may authorise use of force. Even when states violate these norms, they typically justify actions within the legal framework, indicating that international law continues to shape behaviour. Summary of Argument Examples cited:• High Seas Treaty• Pandemic Agreement• International Criminal Court• Regional human rights courts These institutions continue functioning despite geopolitical instability.
Durand Line Dispute and Rising Pakistan–Afghan Taliban Conflict
Context Escalating airstrikes and cross-border clashes reflect a serious deterioration in relations between Pakistan and the Afghan Taliban. Chronology- From Strategic Alignment to Conflict
New GDP Series with 2022–23 Base Year: FY26 Growth at 7.6%
Context The government released revised national accounts with base year 2022–23. Second advance estimates peg FY2025–26 GDP growth at 7.6%, higher than the earlier 7.4%. GDP (Gross Domestic Product) • Represents the total value of final goods and services produced within India in a year.• Formula: GDP = GVA + Taxes on products − Subsidies.• Used to measure the overall size of the economy. GVA (Gross Value Added) • Measures value addition by producers across sectors such as agriculture, industry and services.• Formula: GVA = Output − Intermediate Consumption.• Reflects sector-wise performance more directly. Why GVA Is Analytically Preferred • Directly shows sectoral contribution.• Minimises distortions from tax changes.• Useful for analysing structural shifts.• GDP can fluctuate due to indirect tax variations rather than real production changes. Key Changes in the New Series • Base year shifted from 2011–12 to 2022–23.• Improved methodology adopted.• Greater use of GST data and enhanced datasets.• Historical growth numbers revised. Important Data • FY26 GDP growth: 7.6% (Second Advance Estimate).• Earlier estimate: 7.4%.• FY25 revised upward to 7.1% (earlier 6.5%).• FY24 revised downward to 7.2% (earlier 9.2% in old series).
Digital Public Infrastructure (DPI)
Definition Digital Public Infrastructure refers to a set of open, interoperable and scalable digital systems that enable governments, citizens and businesses to deliver and access services efficiently. It functions like physical infrastructure such as roads or electricity, but in the digital domain. Core Architecture of DPI DPI generally operates through three foundational layers supported by interoperable platforms. A. Digital Identity Layer • Unique and secure identity authentication• Enables e-KYC and service access• Reduces duplication and leakages Example: Aadhaar B. Digital Payments Layer • Real-time, low-cost and interoperable payment rails• Enables instant fund transfers• Supports DBT and financial inclusion Example: UPI C. Data Exchange Layer • Consent-based and secure data sharing• User-controlled access to financial and personal data• Enables credit access and digital services Example: Account Aggregator Framework D. Supporting Platforms • Digital document vaults – DigiLocker• Unified service access – UMANG• Public procurement – GeM• Health platforms – CoWIN, eSanjeevani• Open APIs – India Stack, API Setu Evolution of DPI in India Phase 1: Siloed E-Governance (Pre-2010) • Department-specific portals• Limited interoperability• Fragmented service delivery Phase 2: Foundational Platforms (2010–2015) • Launch of Aadhaar• India Stack architecture• API-driven governance Phase 3: Ecosystem Expansion (2015–2025) • UPI for payments• DigiLocker for document digitisation• CoWIN for vaccination management• Account Aggregator for data empowerment• Integration across sectors Major DPI Initiatives in India Aadhaar • Over 138 crore digital IDs issued• Backbone for DBT and authentication Unified Payments Interface (UPI) • Monthly transactions exceeding ₹27 lakh crore• Enables small merchants and rural participation PM Jan Dhan Yojana • 52+ crore bank accounts• 56% accounts held by women• Supports direct benefit transfers DigiLocker • 37+ crore users• Billions of verified digital documents Health DPI • CoWIN – 220+ crore vaccine certificates• eSanjeevani – 18+ crore telemedicine consultations Account Aggregator Framework • Secure financial data sharing• Boosts MSME credit access Government e-Marketplace (GeM) • Transparent digital procurement platform FASTag • 96%+ toll payments digital• Contactless national highway tolling Role of DPI in Inclusive Development Financial Inclusion • Aadhaar-enabled banking access• Direct Benefit Transfers reduce leakages• Women’s participation increased via Jan Dhan Low-Cost Payments • UPI enables small-ticket transactions• Supports informal and micro-entrepreneurs Public Service Access • UMANG provides 1,700+ services• DigiLocker reduces paperwork and delays Healthcare Outreach • CoWIN demonstrated scalable real-time management• eSanjeevani bridges rural healthcare gaps MSME Empowerment • Account Aggregator improves credit access• Digital records reduce collateral dependency Global Recognition • Highlighted during India’s G20 Presidency• Recognised by UN and World Bank as a development model• Several developing nations adopting India Stack components• Developed economies evaluating UPI integration Key Challenges Digital Divide • ~25% population lacks reliable internet• Smartphone affordability gaps Data Privacy and Security • Risk of breaches and misuse• Need for strong data protection enforcement Interoperability • Integration across central and state systems remains complex Digital Literacy • Only around half of rural adults confident in digital banking Governance and Regulation • Rapid tech evolution outpaces policy frameworks Way Forward • Expand broadband coverage nationwide• Promote affordable smartphones• Strengthen cybersecurity architecture• Implement robust data protection laws• Improve digital literacy programs• Enhance interoperability through open APIs• Position India as a global DPI knowledge hub Conclusion Digital Public Infrastructure has transformed India’s governance, financial ecosystem and service delivery. By combining identity, payments and data exchange, DPI has created scalable, low-cost and inclusive digital systems. If supported by strong regulation, cybersecurity and digital literacy, DPI can remain the foundation of India’s digital economy and social inclusion strategy.
Durand Line
Overview The Durand Line is the 2,640-kilometre boundary separating Pakistan and Afghanistan. Historical Background Legal and Political Status Ethnic and Strategic Dimensions Security Implications Contemporary Relevance Strategic Importance The Durand Line is not merely a colonial-era boundary; it remains a politically sensitive and strategically significant frontier influencing security, diplomacy and ethnic dynamics in the Afghanistan–Pakistan region.
CAFE-III Norms: Fuel Efficiency Standards and EV Policy Link for UPSC
The PMO reviewed draft Corporate Average Fuel Efficiency (CAFE-III) norms for passenger vehicles, expected from 2027. Key Provisions: • Flatter emission slope• Removal of earlier relaxation for small cars• Progressive tightening of fleet-wide CO₂ emission standards Objective: Reduce transport emissions and align with climate commitments. PM E-DRIVE Scheme Launched in 2024 with ₹10,900 crore outlay, it focuses on EV demand incentives, charging infrastructure, and domestic manufacturing support. Over 28 lakh EVs have reportedly been supported. This signals policy convergence between fuel efficiency regulation and electric mobility transition.
