Fodder Material for Phase 2

For SEBI Grade A 2020

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 Batch 1

Topic 1- What is Insolvency and Bankruptcy Code (IBC)? Discuss the impact of IBC on Indian
economy.
What is Insolvency and Bankruptcy Code?
• The Insolvency and Bankruptcy Code (IBC), 2016 is one of the most significant measures
undertaken by the Government to address the substantial increase in the level of distressed
debt in India.
• The Code sets out a time-bound insolvency resolution process for defaulting corporate
debtors.
• It introduces a creditor-in-possession model whereby a committee of creditors (CoC) is
constituted to take decisions regarding the operations of the corporate debtor, including
evaluating prospective resolution plans for resolving the corporate debtor's account.

Purpose of the IBC

• Establishing and amending the laws associated with reorganizing and resolving the insolvency
of entities like partnership firms, individuals and corporate persons.
• Providing resolution in a time bound manner.
• Promoting entrepreneurship in India.
• Maximizing the availability of credit in the Indian market.
• Establishing Insolvency and Bankruptcy Board in India.
• Balancing the interests of the entire stakeholders including alteration in the prescribed order
of priority of government fees payment.

Features:
1. Insolvency Resolution: Separate time bound insolvency resolution processes for individuals,
companies and partnership firms.
2. Insolvency Regulator: The Code establishes the Insolvency and Bankruptcy Board of India, to
oversee the insolvency proceedings in the country and regulate the entities registered under
it.
3. Insolvency professionals: The insolvency process will be managed by licensed professionals.
These professionals will also control the assets of the debtor during the insolvency process.
4. Insolvency and Bankruptcy Adjudicator: The Code has introduced two distinct tribunals for
overseeing the procedure resolving insolvency, for companies and individuals. These are:
(i) The National Company Law Tribunal (NCLT) for organizations and Limited Liability
Partnership companies; as well as
(ii) The Debt Recovery Tribunal (DRT) for overseeing insolvency resolution for individuals as
well as partnership firms.

Benefits of IBC
• It has helped India to increase its Ease of doing business quotient.
• It has helped the country to shift from one among the relatively weak insolvency regimes to
one of the world’s best insolvency regimes.

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 • It has encouraged innovation and entrepreneurship due to the ease of doing business.
• It has made India a favourable destination for investment, thereby giving boost to the FDI
inflow.
• In last 3 years, IBC has helped banks to reduce their Non-Performing Assets.
• It has also ensured easy and hassle-free exit of sick companies.

Impact of IBC on Indian economy

• The introduction of the Insolvency & Bankruptcy Code, 2016 (IBC) has reduced the time taken
for winding up companies in India from over four years to less than a year.
• Through faster resolution, the Code had one major objective – to address around Rs 10 trillion
of non-performing assets (NPAs) in India’s banking system. As the asset quality of banks gets
better, it will promote new investments and consequent economic growth.
• IBC was one of the major factors in India’s jump on the World Bank’s Ease of Doing Business
Ranking.
• IBC has directly and indirectly helped to resolve the NPA’s crisis in banking sector.
• IBC has led to the increase of FDI and FII in Indian economy.
• Mergers and Acquisition (M&A) activity in the country has increased exponentially due to
enactment of IBC.
• The IBC has helped in the development of credit market in India.
• IBC has reduced crony capitalism in India.
• IBC has also helped in easy exit for the companies and it has also reduced the duration of
liquidation in India.

Topic 2- Recently Supreme Court has lifted the ban imposed by RBI on virtual currency trading
including cryptocurrency. Will cryptocurrency become the new normal? How is it going to affect
the Indian economy?
Introduction
• The Supreme Court has recently lifted the ban imposed by the Reserve Bank of India (RBI) on
virtual currency trading, including cryptocurrencies.
• The three-judge bench headed by Justice Rohinton Nariman quashed the order passed by RBI
in its April 2018 circular imposing the ban on financial service providers.

What is Cryptocurrency?
• A cryptocurrency is a digital or virtual currency that uses cryptography for security. Hence it is
difficult to counterfeit.
• It is not issued by any central authority, rendering it theoretically immune to government
interference or manipulation.
• Success of first cryptocurrency Bitcoin, has spawned a number of competing cryptocurrencies,
such as Litecoin, Namecoin and PPCoin.

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Why Cryptocurrency are poised to become new norm?
• Privacy Protection: The use of pseudonyms conceals the identities, information and details of
the parties to the transaction.
• Cost-effectiveness: Single valuation globally, and low transaction fee(around 1%) is extremely
low, being as low as 1% of the transaction amount. Cryptocurrencies eliminate third party
clearing houses or gateways, cutting down the costs and time delay.
• Lower Entry Barriers: Unlike banks or other financial institutions Cryptocurrencies are free to
join, high on usability and the users do not require any disclosure or proof for income, address
or identity.
• Alternative to Banking Systems and Fiat Currencies: Cryptocurrencies offer the user a reliable
and secure means of exchange of money outside the direct control of national or private
banking systems.
• Open Source Methodology and Public Participation: The ecosystem of cryptocurrencies is
primarily participation based, as software development, bug reporting and fixing, testing etc.
are driven by the wider user base, rather than a closed set of individuals or an institution.
• Immunity to Government led Financial Retribution: Governments have the authority and
means to freeze or seize a bank account, but it is infeasible to do so in the case of
cryptocurrencies.

Despite the above advantages there are concerns with respect to Cryptocurrency
• Volatility because price is not based on any fundamental value.
• Absence of statutory backing: Unlike fiat currencies, these are less trust worthy.
• Impossible to reverse a transaction the way a bank can.
• Potential to be used for Illicit Trade, Criminal Activities and Terror Financing.
• Potential for Tax Evasion: Cryptocurrencies are being denounced in many countries because
of their use in grey and black market.
• No tracing mechanism to check the pathway of money.
• Security threat: In Bitcoin's short history, the company has been subject to over 40 thefts.
• Virtual currency denominated IPOs has been launched by many dubious startups who seek to
bypass market regulation.

Cryptocurrency in Indian context:

Positives:
• It offers an alternative to the investors, in lieu of distrust towards governments that can
idiosyncratically debase currency or even demonetize at will.
• Scarcity of safe assets to store wealth over the long term, makes cryptocurrency a safer option.
• Will help in fulfilling India’s cashless economic drive.
Negatives:
• Major hurdle in the path of Indian investors, who are interested in investing in cryptocurrency,
is the confusion about its legal status as these are not recognised by the Reserve Bank of India
(RBI) or any other authority in India, as a ‘currency’.
• The volatility can erode people’s hard-earned savings.

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 • Even as the price of Bitcoins rise higher, opinion on Crypto Currency remains divided, for some
it seems to be a boon and for rest it is fraud.
• Most important concern is keeping track of investors and funds to curb money laundering and
illegitimate financing.

Conclusion:
In spite of banning the currency altogether, it would be prudent for the government to create a
regulatory framework and monitoring system following the path of China, South Korea and Japan
which have adopted bitcoins with certain regulations.

Topic 3- Discuss the benefits of internet banking. Is it going to bring the new revolution in banking
sector?

Internet Banking refers to the banking services provided by the banks over the internet. Internet
Banking has definitely made the life easy for users by providing online access to various banking
services such as:
• Transactional activities like funds transfer, bill pay, loan applications and transactions.
• Non-transactional activities like request for cheque book, stop payment, online statements,
updating your contact information.

Benefits of Internet Banking

It has benefited both bank and customers in a significant way.

Customer’s Side:
• Ease in Operating: Online account is simple to open and easy to operate.
• Convenient: Paying bills, fund transfer etc without standing and waiting in queue.
• Geographical Proximity: Customer not required to access the accounts for vast number of
banking operations.
• Smartphone apps: Allow customer to monitor and manage their finances on the move.
• Sense of Control: As you can perform all your everyday banking tasks yourself, rather having
to go through a bank staff member.
• Availability: 24x7 availability helps performing transactions from anywhere at any time, the
only requisite is internet connection.
• Fast and efficient: Funds get transferred from one account to the other very fast. Several
accounts can easily be managed through internet banking.
• Ease of monitoring the Account: Keeping an eye on account is easier which helps to be aware
of any fraudulent activity or threat before it can lead to severe damage.

Bank’s Side:
• Increased Profitability: The banks can provide banking services to the consumers using
internet banking at a far lower cost as compared to the traditional banking.
• Cost effective mechanism: Since vast number of services are available to customers through
self-service channel, banks can optimize the workforce.

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 • Proximity: Easily reachable to the customers where there is no branch.
• Improve Customer relationship: By offering easy access to a wide range of products and
services.
• Eco-friendly image: Internet banking cuts down the paper usage and reduces pollution as
people do not have to travel physically and also does not add carbon emissions.

How it is going to bring the new revolution ?

• Huge increment in number of people with internet bank accounts and doing away with the
need of Bricks and mortar banks and leverage of using mobile internet are signaling towards
a new revolution in banking sector.

Challenges for Internet Banking

• Technological Gap: Poor financial literacy coupled with digital divide makes understanding
usage of internet banking difficult.
• Infrastructural Gap: Less internet penetration in India.
• Security and Privacy Risks: Fraud, ID theft, phishing etc are growing concerns. Financial
organizations do lose sensitive information sometimes.
• Less Friendly: Banking online is completely impersonal which can create problems with more
complex transactions such as applying for a loan.

Conclusion:
• To tackle the above challenges Government and other financial institutions are taking steps to
enhance financial literacy and internet penetration through initiatives like Bharat Net Project,
Digital India Mission etc.
• Also government is taking legislative measures to avert security and privacy risk.
• This will further lead to fulfilling the India’s motto of financial inclusion and inclusive growth.

Topic 4- Artificial Intelligence: Is it going to be the next big change?

Introduction
• Artificial Intelligence (AI) refers to the ability of machines to perform cognitive tasks like
thinking, perceiving, learning, problem solving and decision making.
• Artificial Intelligence is at the core of fourth industrial revolution due to its ability to impact
almost every aspect of life in much the same way electricity did by replacing steam powered
machines.

Advantages of Artificial Intelligence

• Error Reduction: Artificial Intelligence helps in reducing the risk and increases the chance of
reaching accuracy with the greater degree of precision.
• Increase in Work Efficiency: For a particular repetitive task, AI-powered machines are great
with amazing efficiency as they remove human errors to achieve accurate results.
• No breaks: Machines do not require frequent breaks and refreshments as humans and perform
monotonous jobs for hours without fatigue.

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 • Reduction in the cost of training and operation: Deep Learning and neural networks algorithms
used in Artificial Intelligence enable the machine to learn new things like humans, thus
eliminating need for new code every time.
• Enhanced Data Processing Capabilities

Applications of Artificial Intelligence

• Manufacturing: Being hybrid of capital-labour, it has potential to overcome the physical
limitations of capital and labor and open up new sources of value and growth.
• Banking and Finance: To detect fraudulent transactions and inclusion as virtual Assistant.
• Defense and Security e.g. Artificial Intelligence used in Unmanned Ariel Vehicles to keep an
eye on any irregular activities.
• Smart Agriculture: By analyzing data from sensors in the field, AI can provide the best times
to plant, spray and harvest crops, and when to head off diseases and other problems. This
results in increased efficiency, enhanced yields, and rational use of farm inputs.
• Healthcare: Artificial Intelligence driven diagnostics, personalized treatment, early
identification of potential pandemics, and imaging diagnostics can help address issues of
access to healthcare facilities and limited supply of healthcare professionals.
• Education and skilling: Artificial Intelligence can potentially solve for quality and access issues
of education sector through personalized learning, automating and expediting administrative
tasks, and predicting the need for student intervention.
• Energy: Artificial Intelligence can be used to manage the intermittency of renewable energy
so that more can be incorporated into the grid; it can handle power fluctuations and improve
energy storage as well.
• Making cities more livable and sustainable:
1) Help in urban planning and disaster preparedness: By simulating potential zoning laws,
building ordinances, and flood plains.
2) Creating an “urban dashboard” consisting of real-time data on energy and water use and
availability, traffic and weather to make cities more energy efficient and livable.

• More sustainable transport on land:

1) With internet of things AI can help drivers avoid hazards and traffic jams.
2) Eventually, autonomous AI-driven shared transportation systems may replace personal
vehicles.

• Better Climate Predictions: AI and deep learning improves weather forecasting and the
prediction of extreme events by incorporating much more of the real-world complexity of the
climate system, such as atmospheric and ocean dynamics and ocean and atmospheric
chemistry, into their calculations.
• Protecting the oceans: AI can also help predict the spread of invasive species, follow marine
litter, monitor ocean currents, keep track of dead zones and measure pollution levels.

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Challenges and concerns related to AI
• High Cost: Its creation requires huge costs as they are very complex machines. Also, repair and
maintenance require huge costs.
• No Replicating Humans: As intelligence is believed to be a gift of nature. An ethical argument
continues, whether human intelligence is to be replicated or not.
• Lesser Jobs: As machines do routine and repeatable tasks much better than humans.
• Lack of Personal Connections: We can’t rely too much on these machines for educational
oversights. That hurt learners more than help.
• Addiction: As we rely on machines to make everyday tasks more efficient, we use machines.

Conclusion
• Despite the above concerns, it is an undeniable fact that AI is going to be the next big change.
• Acknowledging the role of AI in fulfilling a number of visions and missions like Smart city,
Universalization of health and education, make in India, INDC, New India By 2020, Doubling
Farmers’ income etc., government has come up with National strategy for Artificial
Intelligence.

Topic 5- What are the functions of the Monetary Policy Committee? How are the recent cuts in the
policy rate going to help in the revival of the Indian economy?
Introduction
• In June 2016, Central Government has decided to set-up a Monetary Policy Committee (MPC).
• The basic objective of MPC is to maintain price stability and accelerate the growth rate of the
economy.
• The MPC is a six-member committee that is expected to bring “value and transparency” to
rate-setting decisions.
• It will feature three members from the RBI — the Governor, a Deputy Governor and another
official — and three independent members to be selected by the Government.

Functions of MPC
• Under the Monetary Policy Framework Agreement, the RBI will be responsible for containing
inflation targets at 4% (with a standard deviation of 2%) in the medium term.
• RBI would have to give an explanation in the form of a report to the Central Government, if it
failed to reach the specified inflation targets.
• It shall, in the report, give reasons for failure, remedial actions as well as estimated time within
which the inflation target shall be achieved.
• Further, RBI is mandated to publish a Monetary Policy Report every six months, explaining the
sources of inflation and the forecasts of inflation for the coming period of six to eighteen
months.
• MPC decides the changes to be made to the policy rate (repo rate) so as to contain the inflation
within the target level specified to it by the Central Government.

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 • Each Member of the Monetary Policy Committee has to write a statement specifying the
reasons for voting in favour of, or against the proposed resolution, and the same along with
the resolution adopted by the MPC is published as minutes of the meeting by RBI after 14 days
of the said meeting.
• In addition, subsequent to the MPC meeting, RBI has to publish a document explaining the
steps to be taken by it to implement the decisions of the Monetary Policy Committee, including
any changes thereto.

Recent rate cut

• On March 27, 2020 RBI has released the Seventh Bi-monthly Monetary Policy Statement in
which RBI has reduced repo rate by 75 basis point to 4.40% from the earlier 5.15%.
• On April 17, 2020 RBI has also slashed the reverse repo rate by 25 bps from 4% to 3.75%

Does recent rate cut will help Indian economy?

• Due to COVID-19 crisis, the economic activity has slowed down in the whole country.
• These recent rate cut will definitely give enough room for banks to lend money to general
public and investors.
• The borrowed money will be invested in different sectors which will help in money circulation
in economy.
• To conclude, we can say that recent rate cut will definitely boost Indian economy.
• However, government and banking industry should work together so that the benefits of
recent rate cut should pass on to the consumer which will increase private investment and
help to revive Indian economy.

Topic 6- Discuss the recent steps taken by RBI to strengthen cooperative banks.
Introduction
• Cooperative banking is retail and commercial banking organized on a cooperative basis.
• A Co-operative bank is a financial entity which belongs to its members, who are at the same
time the owners and the customers of their bank.
• Co-operative banks in India are registered under the States Cooperative Societies Act.
• The Co-operative banks are also regulated by the Reserve Bank of India (RBI) and governed by
the Banking Regulations Act 1949 and Banking Laws (Co-operative Societies) Act, 1955.

Features of Cooperative Banks

• Customer Owned Entities: Co-operative bank members are both customer and owner of the
bank.
• Democratic Member Control: Co-operative banks are owned and controlled by the members,
who democratically elect a board of directors. Members usually have equal voting rights,
according to the cooperative principle of “one person, one vote”.

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 • Profit Allocation: A significant part of the yearly profit, benefits or surplus is usually allocated
to constitute reserves and a part of this profit can also be distributed to the co-operative
members, with legal and statutory limitations.
• Financial Inclusion: They have played a significant role in the financial inclusion of unbanked
rural masses.

Problems with Co-operative Banks

• Organizational and financial limitations of the primary credit societies considerably reduce
their ability to provide adequate credit to the rural population.
• The cooperatives have resource constraints as their owned funds hardly make a sizeable
portfolio of the working capital. Raising working capital has been a major hurdle in their
effective functioning.
• A serious problem of the cooperative credit is the overdue loans of the cooperative
banks which have been continuously increasing over the years.
• Cooperative Banks are losing their lustre due to expansion of Scheduled Commercial Bank and
adoption of technology. They are also facing stiff competition from payment banks and small-
finance banks.

Recent steps taken by RBI

• From now on UCBs with assets above Rs 500 crore have been asked to report on the Central
Bank’s Central Repository of Information on Large Credits (CRILC).
• RBI has prescribed a comprehensive cybersecurity framework for such banks, the framework
depends upon their digital reach, digital products offered by them and assessment of their
cybersecurity risk by professionals.

Recent steps taken by Government

• The Government has introduced a bill in Lok Sabha which seeks to protect the interest of small
depositors by bringing cooperative banks under the RBI regulations.
• The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative
banks.
• According to the bill, the administrative issues will still be guided by the Registrar of
Cooperative Societies.
• It proposes to bring cooperative banks on par with developments in the banking sector
through better management and proper regulation of cooperative banks so as to ensure that
affairs of cooperative banks are conducted in a manner that protects the interest of
depositors.
• It further proposes to strengthen cooperative banks by increasing professionalism, enabling
access to capital, improving governance and ensuring sound banking through the RBI.

Way Forward
• The RBI must ensure that Cooperative Banks adopt more professionalism in order to retain
people’s confidence in the banking sector.

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Topic 7- What is SEBI? Discuss the role of SEBI in regulating the securities market.
Introduction
• SEBI is a statutory regulatory body established on the 12th of April, 1992.
• It monitors and regulates the Indian capital and securities market while ensuring to protect
the interests of the investors formulating regulations and guidelines to be adhered to.
• The head office of SEBI is in Bandra Kurla Complex, Mumbai.

Role and Functions of SEBI

• SEBI is primarily set up to protect the interests of investors in the securities market.
• It promotes the development of the securities market and regulates the business.
• It regulates the business in stock exchanges and any other securities market.
• SEBI provides a platform for stockbrokers, sub-brokers, portfolio managers, investment
advisers, share transfer agents, bankers, merchant bankers, trustees of trust deeds, registrars,
underwriters, and other associated people to register and regulate work.
• It regulates the operations of depositories, participants, custodians of securities, foreign
portfolio investors, and credit rating agencies.
• It prohibits inner trades in securities, i.e. fraudulent and unfair trade practices related to the
securities market.
• It ensures that investors are educated on the intermediaries of securities markets.
• It monitors substantial acquisitions of shares and take-over of companies.
• SEBI takes care of research and development to ensure the securities market is efficient at all
times.
• It promotes and regulates self-regulatory organization.
• It promotes investors’ education and training of intermediaries of securities market.

Topic 8- Discuss the recent changes made by government in Companies Act 2013. How the recent
changes will help in improving Ease of Doing Business?
Introduction
• The Union Cabinet has recently approved the Companies (Second Amendment) Bill, 2019 to
amend the Companies Act, 2013.
• The Bill is aimed at removing criminality under the Act in case of defaults which can be
determined objectively and which, otherwise, lack the element of fraud or do not involve
larger public interest.
• The Bill would remove criminality under the Act in case of defaults which can be determined
objectively and which, otherwise, lack the element of fraud or do not involve larger public
interest.

Changes in Companies Act, 2013

• The Bill makes three changes. First, it removes the penalty for certain offences.
• Second, it removes imprisonment in certain offences.
• Third, it reduces the amount of fine payable in certain offences.

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 • The Bill empowers the central government to allow certain classes of public companies to list
classes of securities (as may be prescribed) in foreign jurisdictions.
• The Bill empowers the central government, in consultation with the Securities and Exchange
Board of India, to exclude companies issuing specified classes of securities from the definition
of a "listed company".
• The Bill empowers the central government to require classes of unlisted companies (as may
be prescribed) to prepare and file periodical financial results, and to complete the audit or
review of such results.
• The Bill seeks to establish benches of the National Company Law Appellate Tribunal. These
shall ordinarily sit in New Delhi or such other place as may be notified.

Impact
• Majority of the changes are to remove criminality of the offences where no mala fide is
intended.
• The major thrust is to improve the ease of doing business and to decriminalize the law.
• This would also lead to further de-clogging of the criminal justice system in the country.
• The Bill would also further ease of living for law abiding corporates.
• The recent changes will also help India to improve its Ease of Doing Business Rankings further.

Topic 9- Recently, Lok Sabha has passed Direct Tax Vivad se Vishwas Bill 2020. Discuss the various
features of the bill.
Introduction
• The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for
dispute resolution in respect of pending income tax litigation.
• After this, Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the Lok Sabha on 5th of
February, 2020 and was passed on 4th of March, 2020.
• The bill offers a scheme to settle 483,000 direct tax related disputes giving relief on part of the
amounts due as well as immunity from prosecution.

Objectives of the Scheme

• Reduce pending income tax litigation
• Generate timely revenue for the Government
• Benefit taxpayers by providing them peace of mind, certainty and savings on account of time
and resources

Important Features of the Bill

• The scheme is aimed at releasing about Rs 9.32 lakh crore stuck in 483,000 cases across various
fora including at the Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), high
courts, Supreme Court and debt recovery tribunals, besides reducing needless litigation and
associated expenses.
• Taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty
if they pay the entire amount of tax in dispute by March 31 this year, and by paying 10% more
if they opt to pay by June 30.
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 • Further, where arrears relate to disputed interest or penalty only, then 25% of the amount is
to be paid by March end, and 30% between April and June-end. The scheme will remain open
till June 30.
• In cases where the income tax department has filed an appeal or where it has lost a case, only
50% of the disputed amount will have to be paid, while the amount will rise to 62.5% in search
cases, but penalty and interest will be waived.
• In case the amount of penalty, interest or fee is the matter of dispute, then only 12.5% of that
amount will have to be paid till March 31.
• Post this date, 55% of the full disputed tax amount, and 12.5% more in case of search cases,
will be paid.

Topic 10- What is SCORES platform? Discuss the salient features of it.
Introduction
• SEBI Complaints Redress System (SCORES) is an online platform designed to help investors to
lodge their complaints, pertaining to securities market, online with SEBI against listed
companies and SEBI registered intermediaries.
• All complaints received by SEBI against listed companies and SEBI registered intermediaries
are dealt through SCORES.
• All the activities starting from lodging of a complaint till its closure by SEBI would be online in
an automated environment and the complainant can view the status of his complaint online.
• An investor, who is not familiar with SCORES or does not have access to SCORES, can lodge
complaints in physical form at any of the offices of SEBI.
• Such complaints would be scanned and also uploaded in SCORES for processing.

Features of SCORES platform

• It is a centralized database of investor complaints.
• Through SCORES, complaints can be made online to the concerned listed company or SEBI
registered intermediary.
• A complainant can view the actions taken on the complaint and its current status.
• Complaints arising out of issues that are covered under SEBI Act, Securities Contract Regulation
Act, Depositories Act and rules and regulation made there under and relevant provisions of
Companies Act, 2013 can be made through SCORES platform.
• An investor may lodge a complaint on SCORES within three years from the date of cause of
complaint.
• In case investor fails to lodge a complaint within the stipulated time, he may directly take up
the complaint with the entity concerned or may approach appropriate court of law.

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