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 AFFAIRSCLOUD TODAY
Current Affairs 5 August 2023 : Headlines

❖ MoE Dharmendra Pradhan & MEA S. Jaishankar jointly launch SII; MoE chose OCI to modernize
DIKSHA
❖ DPE upgrades the Status of OIL as ‘Maharatna CPSE‘ and OVL as ‘Navratna CPSE‘
❖ President Droupadi Murmu Inaugurated Unmesha & Utkarsha In Madhya Pradesh
❖ Fortune Global 500 list of 2023: Walmart tops the list followed by Saudi Aramco and State Grid
❖ IndiaFirst Life Insurance launches ‘Guarantee of Life Dreams(G.O.L.D)’ Plan
❖ IndusInd Bank and Tiger Fintech partnered to launch a co-branded credit card Powered by Visa
❖ SEBI, APMI jointly set Standards for Performance Audit of PMS Players
❖ SEBI Allows OFS for Units of Private Listed InvITs via Stock Exchange
❖ India to grow at average 6.7% per year from FY24 to FY31: S&P Global
❖ Cabinet Secretary Rajiv Gauba Granted 1-Year Extension
❖ Societe Generale Bought Bandhan Bank Ltd. Shares For Rs 382 Cr
❖ Indian Air Force receives Israel’s Spike Non Line of Sight Missiles
❖ India’s indigenous Nag ATGM and Helina (Dhruvastra)Missiles set to join Indian Armed Forces
❖ Italy’s World Cup Winning Goalkeeper Gianluigi Buffon Retires from Football
❖ SMSES Signed An MoU With AIFF To Promote Football
❖ Padma Bhushan Awardee N Vittal Passed Away
❖ Assam CM Launched Amrit Brikshya Andolan app & Theme Song, Wood-Based Industries
Registration Portal
❖ Kerala Govt is Set To Launch ‘Shubhayatra’ for Financial Support to 1st time Overseas Emigrants

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 NATIONAL AFFAIRS
MoE Dharmendra Pradhan & MEA S. Jaishankar jointly launch SII; MoE chose OCI to modernize
DIKSHA
On August 3, 2023, the Union Minister Dharmendra Pradhan, Ministry of Education (MoE), and Union
Minister Dr. Subrahmanyam Jaishankar, Ministry of External Affairs (MEA) jointly launched Study in India
(SII) Portal which is an integrated one-stop solution for international student registration and visa application
process.

• It was launched during an event in New Delhi, Delhi.

• This portal is guided by National Education Policy (NEP).
• This launch is on the lines of the Prime Minister (PM) Narendra Modi’s vision of re-establishing
India as a global hub of education, and preferred education destination.
How will SII Portal be useful?
For international students who wish to study in India, this portal streamlines their registration, visa
application, approval and course selection process through comprehensive information about the Indian
Higher Education Institutions (HEIs).
Aim:
To simplify international students’ academic journey in India
Key Points:
i.It presents information on academic programs covering undergraduate (UG), postgraduate (PG), Doctoral
level programs, and courses in Indian Knowledge System like Yoga, Ayurveda, classical arts etc. along with
academic facilities, research support, and related information.
ii.It also has the provision for students to apply in more than one institute/course of their choice.
About SII Program:
i.It is a Central Government flagship program launched under the aegis of MoE in 2018. It seeks to attract more
international students to India by promoting it as a preferred and affordable study destination with high-
quality education. It aims to improve the overall standard of higher education in the country and facilitate
access to various courses while showcasing academic excellence.
ii.The SII program involves partnership with educational institutes, fulfilling one of the following criteria, to
enrol international students
• National Institutional Ranking Framework (NIRF) ranking (<=100)
• National Assessment and Accreditation Council (NAAC) accreditation score (>=3.01)
• Institutes of National Importance (INI)
Other Participants:
Minister of State (MoS) Dr Subhas Sarkar, MoE; MoS Annpurna Devi, MoE; MoS Rajkumar Ranjan Singh, MoE &
MEA; among other senior officials Ambassadors of more than 10 countries.
Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1945442

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MoE chose Oracle Cloud Infra to modernize DIKSHA
On August 2, 2023, MoE selected Oracle Cloud Infrastructure (OCI) to modernize the national education
technology platform Digital Infrastructure for Knowledge Sharing (DIKSHA). This means, DIKSHA is
transformed and migrated onto OCI under a multi-year collaboration agreement between both entities. It will
help in making DIKSHA more accessible and lower it’s IT (Information Technology) costs.
• The DIKSHA migration project is being implemented by two Oracle Partner Network members
viz. Bharti Airtel and Trigyn Technologies. DIKSHA will be deployed in the Oracle Cloud Mumbai
region in Maharashtra.
Key Points:
i.This will also enhance Diksha’s security, and the ability to adjust to demand-based capacity, and can serve
more students and teachers.
ii.The platform supports 1.48 million schools across all of India’s 35 states and union territories and is available
in 36 Indian languages.
Need behind this:
MOE required a robust cloud service provider to handle the extensive data processing, storage, and distribution
needs of the DIKSHA platform. It generates a huge number of logs for which they run Elasticsearch, Logstash,
and Kibana (ELK stack) for application diagnosis, performance, analytics and dashboards.
• OCI Compute VMs (Virtual Machines) and OCI Storage efficiently manage DIKSHA’s workload and
store application content and performance logs.
• The application’s microservices are supported by Kubernetes clusters in OCI Container Engine for
Kubernetes (OKE), with container images stored in OCI Container Registry.
About DIKSHA:
DIKSHA was an initiative of NCERT (National Council of Educational Research and Training) under Minister of
Education(MoE) in India.It was launched in 2017 as a Digital Public Infrastructure (DPI) initiative for school
education and foundational learning.
• It uses Sunbird, an open-source platform by EkStep Foundation, to help teachers support inclusive
learning for students in underserved areas and with disabilities all over the country.
• Every day, users watch 1.2 petabytes of text and video content from sources like NCER ,CBSE
(Central Board of Secondary Education), and SCERTs (State Council of Educational Research and
Training).
Recent Related News:
i.According to the 8th edition of India Rankings (India Ranking 2023), prepared by Ministry of Education
(MoE) based on parameters defined by National Institutional Ranking Framework (NIRF), Indian Institute
of Technology (IIT) Madras (IITM), Chennai, Tamil Nadu(TN), has topped the list for the 5th consecutive time.
ii.On June 2, 2023, Union Minister Dharmendra Pradhan, Ministry of Education (MoE) released the UGC
(Institutions Deemed to be Universities) Regulations, 2023 for the establishment of more quality-focused
deemed universities. These will surpass the UGC (Institutions Deemed to be Universities) Regulations 2019.
About Ministry of Education(MoE):
Union Minister– Dharmendra Pradhan (Rajya Sabha, Madhya Pradesh)
Minister of State (MoS)– Annpurna Devi; Dr. Subhas Sarkar; Dr. Rajkumar Ranjan Singh
Note – Shri Dharmendra Pradhan serves as both the Union Minister of Education(MoE)and the Union Minister
of Skill Development & Entrepreneurship (MSJE) in the Government of India.

DPE upgrades the Status of OIL as ‘Maharatna CPSE‘ and OVL as ‘Navratna CPSE‘
On 3rd August 2023, the Department of Public Enterprises (DPE) under the Ministry of Finance, upgraded
the status of 2 oil sector Central Public Sector Enterprises (CPSEs) namely Oil India Limited (OIL) and ONGC
Videsh Ltd (OVL). The status of OIL and OVL has been upgraded to the status
of Maharatna and Navratna CPSEs respectively. Earlier OIL was a ‘Navratna’ CPSE, while OVL was a Categry-
I ‘Miniratna‘ CPSE.

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 • OIL, the second-largest National Exploration & Production (E&P) Company in India, now will be
the 13th Maharatna amongst the CPSEs.
• OVL, the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited
(ONGC), and the second largest petroleum company of India, now will be 14th Navratna amongst
the CPSEs.
• The new status will help both OIL and OVL, take decisions on large investments on their own, both
within India and abroad.
Note: Both OIL and OVL are under the administrative control of the Ministry of Petroleum and Natural Gas
(MoP&NG), Government of India (GoI).
Maharatna Scheme:
i.The ‘Maharatna’ scheme was introduced for CPSEs, with effect from May 19, 2010.
ii.The objective of the scheme focuses on empowering specific Navratna CPSEs to facilitate the expansion of
their operations and emerge as global giants by increasing their market share both in domestic as well as global
markets.
Criteria for grant of Maharatna status to CPSEs:
For a company to be categorised as a Maharatna,
i.It should be listed on an Indian stock exchange, with a minimum prescribed public shareholding under
Securities and Exchange Board of India (SEBI) regulations.
ii.Holding Navratna status.
iii.The CPSEs should have an average annual net profit of over Rs. 2500 crores.
iv.Those companies with an annual net worth of Rs. 10,000/- Crore for 3 years Or an Average annual Turnover
of Rs. 20,000 crore for 3 years are also eligible to get this status.
v.These companies are free to decide on investments up to 15% of their net worth in a project.
Note: OIL has an annual turnover of Rs 41,039 crores and a net profit of Rs 9,854 crores for the fiscal year
2022-23.
Navaratna Scheme:
i.The ‘Navratna’ scheme was introduced in 1997, to identify CPSEs, that had comparative advantages and to
support them in their drive to become global giants.
ii.The Boards of Navratna CPSEs have been delegated powers in the areas of Capital Expenditure, investment in
Joint Ventures (JV)/Subsidiaries,Human Resources Management, etc.
Criteria for grant of Navratna status to CPSEs:
For a company to be categorised as a Navratna,
i.The CPSEs which are Miniratna I, Schedule ‘A’ and have obtained ‘excellent’ or ‘very good’ Memorandum of
Understanding (MoU) ratings in 3 of the last 5 years.

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ii.Granting the navratna status enhances financial autonomy to invest up to 1000 crores without any approval
from the central government.To establish financial joint ventures and wholly owned subsidiaries in India or
abroad with the stipulation that the equity investment of the CPSE should be limited to the following:-
a. Rs 1000 crore in any one project
b. 15 % of the net worth of the CPSE in one project
c. 30 % of the net worth of the CPSE in all joint ventures/subsidiaries put together
ii.The CPSE should have 4 independent Board Directors.
iii.The CPSEs have composite scores of 60 (out of 100) or above in the following 6 selected performance
indicators and are eligible to be considered for a grant of Navratna status. The 6 parameters are:
• Net profit to Net worth; Manpower cost to total production cost or Service cost; Profit Before
Depreciation, Interest, and Taxes (PBDIT) to capital employed; PBDIT to turnover; Earning per
Share; Inter-Sectoral Performance.
Note: OVL has an annual turnover of Rs.11,676 crore and net profit of Rs.1700 crore for the fiscal year 2022-23.
List of total Maharatna and Navartna Companies 2023:
13 Maharatna CPSEs:
1.Bharat Heavy Electricals Limited
2.Bharat Petroleum Corporation Limited
3.Coal India Limited
4.GAIL India Limited
5.Hindustan Petroleum Corporation Limited
6.Indian Oil Corporation Limited
7.NTPC Limited
8.Oil & Natural Gas Corporation Limited,
9.Power Finance Corporation
10.Power Grid Corporation of India Limited
11.Rural Electrification Corporation Limited
12.Steel Authority of India Limited
13.Oil India Limited
14 Navratna CPSEs:
1.Bharat Electronics Limited
2.Container Corporation of India Limited
3.Engineers India Limited
4.Hindustan Aeronautics Limited
5.Mahanagar Telephone Nigam Limited
6.National Aluminium Company Limited
7.National Buildings Construction Corporation Limited
8.Neyveli Lignite Corporation Limited
9.NMDC Limited
10.Oil India Limited
11.Rail Vikas Nigam Limited
12.Rashtriya Ispat Nigam Limited
13.Shipping Corporation of India Limited
14.ONGC Videsh Limited
Recent Related News:
On 26th April 2023, Union Minister Nirmala Sitharaman, Ministry of Finance (MoF), approved the upgradation
of Rail Vikas Nigam Limited (RVNL) to a Navratna Central Public Sector Enterprise (CPSE) from a Category-I
MiniRatna CPSE.

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About Oil India Private Limited (OIL):
Chairman & Managing Director (CMD)– Dr. Ranjit Rath
Headquarters– Duliajan, Assam
Incorporated on– 18th February 1959

President Droupadi Murmu Inaugurated Unmesha 2023 & Utkarsh Festival in Madhya Pradesh
On 4th August 2023, President of India Draupadi Murmu inaugurated the ‘Unmesha’ – International Literature
Festival and ‘Utkarsh’ – National Festival of Folk and Tribal Performing Arts to promote inclusivity and
cultural diversity at Ravindra Bhavan in Bhopal, Madhya Pradesh.

• The function was also addressed by Madhya Pradesh Governor Mangubhai Patel and Madhya
Pradesh Chief Minister (CM) Shivraj Singh Chouhan.
Utkarsh:
i. ‘Utkarsh’ celebrates the rich expressions of folk and tribal traditions in India. The event, which will take place
from 3rd–5th August 2023, is organized by the Madhya Pradesh Department of Culture in collaboration with
the Sangeet Natak Akademi of the Union Ministry of Culture.
ii. Artists from Madhya Pradesh and other states will give colorful programs every evening during Utkarsh, the
festival of expressions and a celebration of the progress of tribal society.
Unmesha 2023:
i. The ‘Unmesha’ festival is a international literary gathering from August 3 to 6 2023 is organised by the
Madhya Pradesh Department of Culture in collaboration with the Sahitya Akademi of the Union Ministry of
Culture.
ii. It is India's most inclusive and Asia's largest literature festival in terms of the number of languages
represented.
• It is also on track to overtake other festivals as the biggest literary event in the world.
iii.More than 575 authors in 102 languages are expected to participate in over 75 events in ‘Unmesha 2023’.
iv.Writers from 13 countries will participate in the festival.
v.The President meant Unmesh as the opening of eyes and the flowering of flowers.
Note: This will be the 2nd edition of ‘Unmesha’. The first event was held in Shimla, Himachal Pradesh in June
2022.
Other programs during the event:
i.A cultural exhibition of more than 1000 artists depicting the spirit of “Ek Bharat Shreshtha Bharat” is
organized.
ii.Book exhibition by Sahitya Academy, cultural presentations by tribal communities and group discussions on
devotion, cinema and tribal literature will also be showcased during the festival.

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 INTERNATIONAL AFFAIRS
Fortune Global 500 list of 2023: Walmart tops the list followed by Saudi Aramco and State Grid
On 2nd August 2023, Fortune, a global media organisation released the 69th edition of Fortune Global 500
list of 2023, an annual ranking of the largest 500 corporations across the world as measured by total revenue
for Fiscal Year 2023 (FY2022-23). Walmart tops the list for the 10th consecutive year, followed by Saudi
Aramco and State Grid in the 2nd and 3rd positions respectively.
• Walmart, an American (United States of America (US)) Retail and Wholesale company with USD

611.3 billion in revenue;

• Saudi Aramco, a Saudi Arabian (United Arab Emirates (UAE)) Mining and Crude-Oil Production
company with USD 603 billion; and
• State Grid, a Beijing (China)-based power company owned by the Government of China with USD
530 billion in the 3rd position.
Note:
• Saudi Aramco earned the highest annual total ever for a Fortune Global 500 company with USD 159
billion.
Key Points:
i.The companies are ranked by total revenues for their respective fiscal years ended on or before March 31,
2023.
ii.The list was released on the basis of the parameters such as Revenues, Profits, Balance sheet, Employees,
Medians, and Credits.
iii.Companies on the 2023 list employ 70.1 million people across the world and are based in 232 cities and 33
countries/territories and regions around the world.
iv.The Fortune Global 500 list generated record-high aggregate revenues of USD 41 trillion, which is more than
one-third of the world’s Gross domestic product (GDP).
2023 Fortune Global 500 Rankings by Geography
i.China tops the 2023 list with a total of 142 companies in the geographical regions in mainland China including
Hongkong and Taiwan.
ii.2023 Ranking featured 142 Chinese companies, 136 US companies, 41 Japanese companies, 30 German
companies.
• The US company with the highest profits in 2023 was Apple with USD 100 billion.
Categories:
The list includes the following categories: Newcomer to the Global 500; World’s Most Admired Companies;
Fastest Growing Companies; Dropped in Rank; Female Chief Executive Officer (CEO); Fortune 500; Gained in
Rank; Growth in Jobs; Best Companies; Profiatble; Change the World; Non US Companies.
• The number of women CEOs of Fortune Global 500 companies rose to 29 in 2023, it was 24 in the
2022 edition.

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 • There were 39 newcomers in 2023, including 23 companies making their debut, such as Warner
Bros. Discovery (449), first-time Chinese companies, Contemporary Amperex Technology (292), and
Meituan (467).
8 Indian Companies Featured in the 2023 Fortune Global 500 list with Reliance Industries Ranked High
at 88
Reliance Industries, led by Billionaire Mukesh Ambani, featured in the Fortune Global 500 list of 2023.Reliance
Industries climbed 16 places and now holds a rank at number 88 in the Fortune Global 500 list of 2023.The
company has gained 67 places in the last 2 years from number 155 in 2021.
• Among the 8 Indian Companies on the list, Reliance Industries maintained its highest ranking.
• The other Indian companies on the list are: Life Insurance Corporation of India (LIC), Indian Oil
Corporation (IOL), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum Corporation Ltd,
State Bank of India (SBI), Tata Motors, and Rajesh Exports.
• Reliance Industries in the 2022 list held the rank at number 104. The rank at number 88 is the best-
ever achievement of Reliance Industries in the Fortune Global 500 list.
Ranking of Other Indian Firms:
• LIC was first featured in the Fortune Global 500 list in 2022. In 2023, it slipped 9 places to 107 from
98 in 2022.
• IOC jumped 48 places to rank at number 94, it was 142 in 2022.
• ONGC was ranked number 158, it was 190 in 2022.
• Bharat Petroleum Corporation Ltd at number 233, was 295 in 2022.
• SBI was placed at number 235 on the list, it was 236 in 2022.
• Tata Motors climbed 33 positions at number 337, it was 370 in 2022
• Rajesh Motors climbed 84 places to number 353, 437 in 2022.
Saudi Aramco Emerged as Most Profitable Company in the Fortune Global 500 list of 2023, Ranked 2nd
in the List by Revenue
Saudi Aramco (also known as Saudi Arabian Oil Company), is one of the largest integrated energy and
chemicals companies in the world in Dhahran, Saudi Arabia, the United Arab Emirates (UAE) ranked 2nd in the
annual list of Fortune Global 500 list of 2023 and it has emerged as the most profitable company ever on the
list, earning USD 159 billion in the fiscal year 2022.
• It jumped up 4 places, from number 6 in 2022 to no.2 in 2023 list.
• Walmart tops the list with USD 611.3 billion in revenue, which was up by 6.7% compared to 2022
followed by Saudi Aramco (603 billion); State Grid, a China-based power company owned with USD
530 billion in the 2nd and 3rd places in revenue respectively.
Key Points:
i.Saudi Aramco reported a net profit of USD 161.1 billion for 2022, up from USD 110 billion in 2021, and a
record net earnings result for the company.
ii.With the most profitable business in the world, Saudi Aramco has about USD 3.2 trillion to invest by 2030.
iii.Aramco’s vast oil profits play a vital role in generating investments by the Public Investment Fund (PIF) in
the sports industry. Saudi pro soccer league signed a nine-figure contract with some of the European soccer
players.
Table of Top 10 Companies in the Fortune Global 500 list of 2023:
Rank Company Name Country Revenue (in USD)
1 Walmart USA 611.3 billion
2 Saudi Aramco UAE 603.7 billion
3 State Grid China 530 billion
4 Amazon USA 514 billion
5 China National Petroleum China 483.1 billion

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 6 Sinopec Group China 471.2 billion
7 ExxonMobil USA 413. 7 billion
8 Apple USA 394.3 billion
9 Shell United Kingdom 386.2 billion
10 UnitedHealth Group USA 324.2 billion
Recent Related News:
Tata Consultancy Services (TCS) has been included in the 25th edition of FORTUNE magazine’s list of the
“World’s Most Admired Companies” for 2023.
About Fortune 500
• Fortune 500 companies are ranked by total revenue for their respective fiscal years. The list is
compiled and published annually by Fortune magazine.
• The concept of the Fortune 500 was created by Edgar P. Smith, a Fortune editor, and the first list was
published in 1955.

BANKING & FINANCE

IndiaFirst Life Insurance launches ‘Guarantee of Life Dreams(G.O.L.D)’ Plan
On 31st July 2023, IndiaFirst Life Insurance Company Limited (IndiaFirst Life), launched a new
plan “IndiaFirst Life Guarantee of Life Dreams (G.O.L.D.)” a non-linked, non-participating, individual life
insurance plan is designed to provide policyholders with a regular long-term income option.

• The highlight of this product is that one can plan to receive future income from the end of the first
month itself.
Premium and Tenure:
The plan offers Premium Paying Terms (PPT), with options of 6 years, 8 years, and 10 years for a policy tenure
of 30 years or 40 years. Receive a regular income from the end of the 10th year of the policy with the benefit of
life cover
• Pay premiums for a fixed period – 6, 8 or 10 years.
• Receive a regular income in yearly, half-yearly, quarterly, or monthly frequency till the end of the
chosen policy term, i.e., for 30 or 40 years.
What is Premium Paying Terms (PPT)?
Premium Paying Term (PPT) refers to the duration during which a policyholder needs to pay premiums for an
insurance policy. It is the period within which the regular premium payments are made to keep the insurance
policy in force.
• Once the PPT is over, the policy remains active until the end of the policy term or maturity,
depending on the terms of the insurance contract.

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About Guarantee of Life Dreams (G.O.L.D.):
The IndiaFirst Life Guarantee of Life Dreams Plan extends
three distinct choices for generating income:
i.Immediate Income Option: This option introduces a
consistent and progressively increasing income stream,
commencing as early as the conclusion of the first policy
month. The income is disbursed monthly, ensuring a regular
inflow of funds.
ii.Intermediate Income Option: With this option,
policyholders enjoy regular increasing income starting from
the end of the 5th policy year.
iii.Deferred Income Option: The Deferred Income Option
provides a reliable and progressively increasing income
source, commencing from the end of the 10th policy year. In
addition, the plan incorporates two lump-sum cash back
instalments, each amounting to 50 percent of the Annualised
Premium. These installments are allocated at the conclusion of the 3rd policy year and the termination of the
Premium Paying Term (PPT).
Eligibility Criteria:
i.Age at Entry:
• Minimum 90 days
• Maximum for Premium Payment Term is 6, 8 & 10 years
• Maximum for Immediate income is 50 years and 55 years
• Maximum for Intermediate income is 50 years and 55 years
• Maximum for Deferred income is 50 years and 60 years
ii.Age at Maturity:
• Minimum 30 years
• Maximum 90 years
iii.Premium Payment Frequency – Yearly,Half Yearly,Quarterly, Monthly options are available.The minimum
premium is Rs.4176 and is no limit on maximum premium.
Additional Info
The plan offers Waiver of Premium (WOP) Rider in which future premiums are waived off in case the
policyholder/ life assured suffers from death, accidental total permanent disability, or critical illnesses.
About IndiaFirst Life Insurance Company Limited (IndiaFirst Life)
Managing Director(MD) and Chief Executive Officer(CEO)- Vishakha RM
Headquarters – Mumbai, Maharashtra
Established in – 2008

IndusInd Bank and Tiger Fintech partnered to launch a co-branded credit card Powered by
Visa
On 3rd August 2023, IndusInd Bank Ltd. and Tiger Fintech Private Limited, a Bajaj Capital Group company,
announced the launch of the ‘IndusInd Bank Tiger Credit Card’, a co-branded credit card powered by Visa Inc
(Visa), the global digital payments technology company, to give the best-in-class credit card access to the
customers, to meet their lifestyle requirements.
Benefits of the card:
i.The card offers a ‘Magnificent Rewards Program’, where customers earn up to 6X accelerated rewards.
ii.Cardholders will also be able to convert their rewards points to air miles (by redeeming the reward points for
flight tickets) and enjoy discounted foreign currency markup of 1.5%, which can lead to considerable savings
on their international expenses.

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iii.It also offers access to complimentary benefits like a 24×7 concierge facility (customers can have access to a
team of personal assistants to perform various tasks), domestic and international lounge access at the airports,
games/lessons of golf, assured movie tickets, and many other entertainment benefits.
iv.The benefits also include discounted fees for international transactions, with Visa’s commitment to a safe,
secure, and seamless payment experience, cardholders can make secure transactions.
About IndusInd Bank Ltd:
Managing Director (MD) & Chief Executive Officer (CEO)– Sumant Kathpalia
Headquarters– Mumbai, Maharashtra
Tagline– We Make You Feel Richer
Established in– 1994

SEBI, APMI jointly set Standards for Performance Audit of PMS Players
On August 2, 2023, the Securities and Exchange Board of India (SEBI) and Association of Portfolio Managers in
India (APMI) collaboratively established performance audit standards for portfolio management services
(PMS) providers, effective from October 1, 2023.

• This information by SEBI is provided in exercise of powers conferred under Section 11(1) of the
SEBI Act, 1992, read with the provisions of Regulation 43 of SEBI (Portfolio Managers) Regulations,
2020, to protect the interest of investors in securities and to promote the development of the
securities market.
Standard Terms of Reference by APMI:
i.APMI, in consultation with Sebi, will set standardized Terms of Reference (ToR) for auditing firm-level
performance data. It will mandate portfolio managers to include all client portfolios in the audit process.
ii.According to the new standards, Portfolio Managers need to submit two reports to SEBI related to the firm-
level performance data within 60 days after each financial year ends.
• The first report is a “confirmation of compliance” with the requirement of an annual audit of the
firm-level performance data. Portfolio Managers need to ensure that they have conducted the
necessary audit as per the specified standard and submit this confirmation to SEBI within sixty days
from the end of each financial year.
• The second report is required to submit the actual “audit report” on firm-level performance
data to SEBI within 60 days from the end of each financial year.The report contains the findings and
results of the audit conducted on the firm-level performance data which includes detailed

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 information about the assessment and evaluation of the portfolio manager’s performance data
during the financial year.
iii.The performance of advisory clients may be excluded from the audit if it has not been published in any
marketing material or website.
Click Here for Official Circular
About Securities and Exchange Board of India ( SEBI):
Chairperson -Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Establishment – 12 April 1992

SEBI Allows OFS for Units of Private Listed InvITs via Stock Exchange
The Securities and Exchange Board of India (SEBI)
allowed Offer For Sale (OFS) for units of private
listed Infrastructure Investment Trusts
(InvlTs) through a stock exchange mechanism. This
information by SEBI is provided in exercise of powers
conferred under Section 11(1) of the SEBI Act, 1992.
• Offer For Sale (OFS) mechanism is allowed for
the sale of units of both Real Estate Investment
Trusts (REITs) and Infrastructure Investment
Trusts (InvITs) by their respective sponsors or
sponsor group entities. Additionally, other unit
holders of listed REITs can also use the OFS
mechanism to sell their units.
• Now,it has been decided to modify the
framework to allow OFS for units of private
listed InvITs.
• In the case of OFS for listed InvITs, the trading
lot will be the same as the trading lot prescribed for such InvITs in the secondary market under
SEBI’s Infrastructure Investment Trusts rules.
What is Offer for Sale (OFS) Mechanism: OFS is a method that allows existing investors (promoters,
shareholders, etc.) of a company or trust to sell their securities (shares or units) to the public through the stock
exchange platform.
About Infrastructure Investment Trusts (InvITs):
InvITs are investment vehicles that pool money from investors to invest in income-generating infrastructure
projects such as roads, highways, power plants, etc. These trusts are listed on stock exchanges, and their units
can be bought and sold like shares.
InvITs Units
i.There are two types of InvITs based on their issuance: privately placed and publicly offered.
• Privately placed InvITs have the flexibility to invest in a mix of under-construction assets, which are
still being developed, and completed and revenue-generating assets that are generating income.
• Publicly offered InvITs, on the other hand, mainly focus on investing in completed and revenue-
generating assets, providing stable cash flows to investors from the outset.
What is Real Estate Investment Trusts (REITs): REITs are similar to InvITs but invest in income-generating
real estate assets like commercial properties, office spaces, shopping malls, etc. REITs are also listed on stock
exchanges, allowing investors to trade their units.

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 ECONOMY & BUSINESS
India to grow at average 6.7% per year from FY24 to FY31: S&P Global
As per the United States based corporation S&P Global’s report titled ‘Look Forward: India’s Moment’, India
will grow at an average 6.7% per year from financial year 2023-24 (FY24) to FY31. This will increase the Gross
Domestic Product (GDP) of India to USD($)6.7 trillion by FY31 from $3.4 trillion in FY23 and The Per capita
GDP will rise to about $4,500.
• For FY24, India will be the fastest growing economy in the G20 (Group of Twenty) and will grow by
6% amid global slowdown and policy rate hikes by the Reserve Bank of India (RBI).
• India shows a GDP growth of 7.2% in FY23.

• The report projected India’s economic growth from FY24 to FY31.

Key Points:
i.The Indian private sector will drive India’s economic growth with projected capital contribution of around
53% of the projected 6.7% average GDP growth until 2030.
ii.Increasing the participation of women in the labor force will be crucial for future growth since only 24%
were participating in 2022.
iii.India has an opportunity to boost its share of global manufacturing exports, and the government aims to
raise manufacturing’s contribution to GDP from 17.7% to 25% by 2025.
iv.The development of digital infrastructure is also a potential growth driver of Indian economy.
v.India’s total energy demand to double by 2050.

APPOINTMENTS & RESIGNATIONS

Cabinet Secretary Rajiv Gauba Granted 1-Year Extension
The Appointments Committee of the Cabinet (ACC) has approved a one-year extension to Cabinet
Secretary Rajiv Gauba, by making him the longest-serving cabinet secretary in India’s history. This marks his
third extension in the position.
• The extension for a further period of one year goes beyond August 30th, 2023 in relaxation of All
India Services (AIS) (Death-cum-Retirement Benefits or DCRB) Rules, 1958 and Rule 56 (d) of the
Fundamental Rules.
About Rajiv Gauba:
i.Rajiv Gauba, born on 15th August 1959 in Punjab, India, is a 1982-batch Indian Administrative Service (IAS)
officer of the Jharkhand cadre.
ii.He was appointed as India’s cabinet secretary in 2019 for a two-year term. Subsequently, he received one-
year extensions in 2021 and in August 2022.
Note:
i.Prior to Gauba, B D Pande held the record for being the longest-serving cabinet secretary, serving from
November 2, 1972, to March 31, 1977.

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ii.The administrative head of the Secretariat is the Cabinet Secretary who is also the ex-officio Chairman of the
Civil Services Board.

ACQUISITIONS & MERGERS

Societe Generale Bought Bandhan Bank Ltd. Shares For Rs 382 Cr
On 31st July 2023, Europe-based financial services group Societe Generale bought shares of Kolkata-
based Bandhan Bank Ltd. for Rs 382 crore through open market transactions.
• According to the bulk deal data available with the Bombay Stock Exchange (BSE) and National Stock
Exchange (NSE), Societe Generale has acquired a total of 1.74 crore equity shares or 1.08 percent
stake in Bandhan Bank of which 89.23 lakh shares were bought on the NSE and 85.52 lakh shares on
the BSE.
The average buying price for the above shares was Rs 218.6 per share, and the stake buy amounted to Rs
382.01 crore.

SCIENCE & TECHNOLOGY

Indian Air Force receives Israel’s Spike Non Line of Sight Missiles
Indian Air Force (IAF) received air-launched Spike Non Line of Sight (NLOS) Anti-Tank Guided Missiles(ATGM)
from Israel which can hit targets upto 50 km from a helicopter and 32 km from the ground.

• The NLOS missiles will be integrated with the fleet of Russian-origin Mi-17V5
helicopters, manufactured by Kazan Helicopters
Key features of Spike Non Line of Sight (NLOS)missiles:
i.It was designed by the Israeli company Rafael Advanced Defense Systems.
ii.It is available in various configurations, including man-portable, vehicle-launched, and helicopter-launched
variants.
iii.Utilizes a fire-and-forget system with lock-on before launch and automatic self-guidance features.
iv.The long and extended range versions of the Spike introduce the “Fire, Observe and Update” operating
mode.
v.Air-launched SPIKE NLOS ATGMs are capable of executing precise strikes against ground targets from
standoff distances.
vi.Demonstrates the ability to inflict significant damage to enemy tank regiments and effectively halt their
advances.
vii.It has the highest level of survivability due to stand-off range and passive guidance.
viii. It enables the handling of Anti-access/area denial (A2AD) targets
Increased production of missiles through “Make-in-India”:
• A limited quantity of Spike NLOS ATGMs has been placed on order.

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 • There is intent to produce a more substantial amount of these missiles through the “Make-in-
India” approach.
About Israel:
Prime Minister – Benjamin Netanyahu
President – Isaac Herzog
Capital – Jerusalem
Currency – New Israeli Shekel (NIS)

India’s indigenous Nag ATGM and Helina Dhruvastra Missiles Set to Join Indian Armed Forces
India’s indigenous Nag Anti-Tank Guided Missile (ATGM) and the variant of HELINA (Helicopter-launched
NAG) Weapon System called ‘Dhruvastra’ are set to be inducted into the Indian army and Indian Air Force
(IAF) after clearing all the trials.

• Both the Nag ATGM and Helina (Dhruvastra) missiles are developed by Defence Research and
Development Organisation(DRDO) and manufactured by Bharat Dynamics Limited(BDL).
• Nag is the surface-to-air missile and Dhruvastra is the air-to-surface missile.
About Nag ATGM:
i.NAG also known as Prospina, is a third generation Anti-Tank Guided Missile with Fire and Forget top attack
capability.
• Nag ATGM developed under the integrated guided missile development programme (IGMDP), which
also includes four other missiles—Agni, Akash, Trishul and Prithvi.
ii.The Nag has an operational range of up to 4 km and is armed with a tandem High-Explosive Anti-Tank
(HEAT) warhead.
iii.Nag ATGM measures approximately 1.834 meters in length, has a diameter of 0.158 meters, and weighs
around 44 kilograms.
About Helina (Dhruvastra):
i.Helina is an Air to Surface Missile system launched from Advanced Light Helicopter (ALH).ALH is fitted with
two Twin launchers, one on each side, each carrying eight missiles.
ii.It has the operational range up to 7km and length of 1.946m, and a diameter of 0.150m.
iii.It has a High Resolution Imaging Infrared Seeker (IIR) operating in the Lock on Before Launch(LOBL) mode
and capable of automatic target detection and tracking in adverse weather conditions.
Note:
In 2022, DRDO has successfully flight tested at high-altitude ranges as part of user validation trials.

SPORTS
Italy’s World Cup Winning Goalkeeper Gianluigi Buffon Retires from Football
On 2nd August 2023, Italian goalkeeper Gianluigi Buffon(45 years old) announced his retirement from
football. He was part of the Federation Internationale de Football Association(FIFA) World Cup winning Italian
team in 2006 in Germany (against France).

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 • He retired from international football in 2018 after Italy failed to qualify for the 2018 FIFA World
Cup in Russia.
About Gianluigi Buffon:
i.He was born on 28th January 1978 in Carrara, Italy.
ii.He made his professional debut with Serie B club Parma Calcio 1913(Serie B is the second highest division
of Football in Italy) at the age of 17 in 1995.
• He won Coppa Italia, UEFA Cup and Italian Supercoppa with Parma.
iii.In 2001, he joined Italy’s Juventus Football club and won the 10 ‘Serie A’ titles and a Serie B title.
iv.He moved to Ligue 1 club Paris Saint-Germain F.C in 2018 and won his only Ligue 1 title.
v.He holds the record of most caps for Italy with 176 appearances in international matches.
Achievements:
i.He was awarded the FIFA’s best men’s Goalkeeper award in 2017.He earned nicknames including
‘superman’ and ‘Gigi’.
ii.He was also the first ever goalkeeper to win the Golden Foot Award in 2016.
iii.He was part of the FIFPro World11 three times(2006,2007,2017).
• The FIFA FIFPRO Men’s World 11 is comprised of the best 11 men’s players from around the globe.
• FIFPRO is the Fédération Internationale des Associations de Footballeurs
Professionnels(International Federation of Professional Footballers).

SMSES Signed An MoU With AIFF To Promote Football

On 2nd August 2023, the All India Football Federation (AIFF) signed a Memorandum of Understanding (MoU)
with the Subroto Mukherjee Sports Education Society (SMSES) to promote and elevate youth football in India
at a formal function in Air Force Station in New Delhi, Delhi.
• The MoU was signed by Air Vice Marshal Alok Sharma, VM VSM, ACAS (Org & Cer) as a member,
SMSES and Dr. Shaji Prabhakaran, Secretary General, AIFF.
• The Air Force Sports Control Board conducts the tournament from 1994, priorly it was done by
Durand football tournament committee
Note: The Subroto Cup International Football Tournament is an inter-school football tournament held annually
in New Delhi, India from 1960.
Key points:
i.Under the MoU, SMSES will field a Subroto XI team in the AIFF’s youth competitions, comprising players from
various age categories of the Subroto Cup.
ii.The selected players will gain direct entry into the AIFF Youth Leagues for both boys and girls from the 2023-
24 season onwards and a one-time cash scholarship of Rs 25,000/- will be awarded to each of the 25 identified
players in the U-17 Boys and Girls categories, while the Sub-Junior (U-14) category players will receive Rs
15,000/- each.
iii.These players will also be assessed using an IT-assisted Talent Development Scheme and may have the
opportunity to attend National Team training camps in their respective age categories.
iv.The AIFF will encourage Indian Super League(ISL), I-League, and Indian Women’s League (IWL) clubs to

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send their scouts to the Subroto Cup matches. It will assist SMSES in the age detection of players using the TW3
method.

OBITUARY
Padma Bhushan Awardee N Vittal Passed Away
On 3rd August 2023, Nagarajan Vittal, a Padma Bhushan awardee and a former Civil Servant passed away.
About Nagarajan Vittal:
Vittal, who was born on 31st January 1938 in Thiruvananthapuram, Kerala is a 1960 batch Indian
Administrative Service (IAS) officer of Gujarat Cadre.
He has held the appointments of,
• Additional Chief Secretary (Home), Government of Gujarat;
• Additional Secretary, Department of Atomic Energy, Government of India; Secretary, Department of
Electronics, Government of India;
• Chairman, Telecom Commission and Secretary, Department of Telecommunication, Government of
India;
• Chairman, Public Enterprises Selection Board and before retirement, his last appointment was as
Central Vigilance Commissioner.
Achievements during his career:
Revival of the Kandla Free Trade Zone, Opening of the Dahej Port in Gujarat, Emergence of the Gujarat Narmada
Valley Fertiliser Company (GNFC) and setting up of educational institutions and government organizations.
Books authored:
He has written more than 400 articles on various subjects and his published works include:
• India Incorporated: Reflections on the Indian Electronics Industry (1994),
• The Viscious Cycle of Vittal’s Law (1994),
• The Red Tape Guerrilla(1995),
• Fighting Corruption and Restructuring Government (2000), and Information Technology: India’s
Tomorrow (2000).
He has edited Export Processing Zones in Asia -Some Dimensions published by Asian Productivity Organization
(1977).
Awards & honors:
• Dataquest IT Man of the Year 1993
• The Great Son of the Soil Award 1998 by All India Conference of Intellectuals
• H H Sri Paramacharya Man of the Year Award (2000), awarded by the Centenarian Trust, Chennai.
(April 2001)
• He received Padma Bhushan in the discipline of Civil Service by the Government of India in 2012.
• He is the Honorary Fellow of the Institution of Electronics and Telecommunication Engineers
(IETE).
He is included in the list of “Fifty men and women who shaped the economy” in the fifty years after India’s
independence by the Business Today magazine (August 1997).

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 STATE NEWS
Assam CM Launched Amrit Brikshya Andolan app & Theme Song, Wood-Based Industries
Registration Portal
On 2nd August 2023, Assam Chief Minister(CM) Himanta Biswa Sarma launched
the Amrit Brikshya Andolan web portal/mobile application, the theme song for the Amrit Brikshya Andolan and
the Wood-based Industry (WBI) registration web portal at the event held at Janata Bhawan in Guwahati,
Assam.

Amrit Brikshya Andolan:

i.It is a massive tree plantation drive that aims to plant one crore commercial saplings across Assam on 17th
September 2023 which provides a major boost to Assam’s green economy and will help against climate change
and also increase the income of Assam’s farmers.
• The Government of Assam aims to plant 3 crore commercially-viable saplings in 2024 and increase
the target to 5 crore saplings in 2025.
ii.During the plantation drive, 40 lakh members of women Small Help Groups(SHG) from Assam will plant two
saplings each, totaling 80 lakh and the rest, over 20 lakh, will be planted by Anganwadi workers, tea garden
workers, government officials, police, forest battalions, and the public.
iii.By registering on the “Amrit Brikshya Andolan” app or portal, individuals can collect saplings from
distribution stations, planting them and uploading geo-tagged pictures. A reward of Rs 100 will be credited to
their bank accounts, with an additional Rs 200 given if the sapling survives for three years after being planted
on 17th September 2023.
iv.The initiative strategically emphasizes agroforestry and Tree Outside Forest (ToF), fostering sustainable
land use and economic diversification.
v.Plantation includes 23 valuable species like Teak, Boga Chandan, Agaru, Gamari, Hollock, Tita Sopa, and Bogi
Poma. These offer economic potential and opportunities for local communities to enhance their livelihoods.
Website for registration of the Wood-based Industry (WBI):
i.A website for registration of the WBI was also launched for ease of doing business in the sector.
ii.The portal was launched for the implementation of the Assam WBI (Promotion and Development) Rules
2022.
iii.It helps to streamline the functioning of the WBI in Assam and increase employment opportunities.
iv.The Assam Wood-based Industries (Promotion & Development) Rules 2022, replacing the earlier Assam
Wood-based Industries (Establishment & Regulation) Rules of 2000, aim to foster the growth of indigenous
wood-based industries.
About Assam:
Chief Minister- Himanta Biswa Sarma
Governor- Gulab Chand Kataria
Airport- Silchar Airport, Tezpur Airport
Festival- Bohag Bihu, Kati Bihu

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Kerala Govt is Set To Launch ‘Shubhayatra’ for Financial Support to 1st time Overseas
Emigrants
The Kerala government is about to launch a new project titled ‘Shubhayatra’, to provide financial support to
first-time overseas emigrants from Kerala.
• The project aims to create a positive and productive migration ecosystem by providing financial
assistance of up to Rs. 2 lakhs with a tax holiday for 6 months and attractive interest subvention to
meet the incidental expense of eligible candidates.
Soft Loan:
i.To meet the expense of first-time emigrants such as regulatory examinations or licensing examinations of
various countries, service charges of recruiting agencies, visa stamping and attestation expenses, high airfares,
and other incidental expenses the Kerala government will provide a soft loan for foreign employability skilling
assistant and the preparatory expense for the migration.
ii.The candidate will get time up to three years for repaying the soft loan

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