SEBI Restructures Advisory Panels
Current Context: The Securities and Exchange Board of India (SEBI) restructured its advisory committees regarding Foreign Portfolio Investors (FPIs) and the Social Stock Exchange.Highlights
- The former Finance Secretary, Hasmukh Adhia, was chosen as the head of the 16-member FPI Advisory Committee that was earlier chaired by K V Subramanian.
- The Managing Director of GIC, Chew Hai Jong, and the Managing Director (Direct Custody and Clearing) of JP Morgan, Michael Drumgoole were inducted into the FPI Advisory Committee.
- The Chairperson of GRAAM, R Balasubramaniam, was chosen as the head of the 18-member Social Stock Exchange Committee that was earlier chaired by Ishaat Hussain.
- The CEO of SFIS, Anil Kumar SG; the Global Head (Sustainability) of HCL Tech, Santosh Jayaraman; the CEO of GuideStar India, Pushpa Aman Singh; and the MD at BIL Ryerson Technology Startup Incubator Foundation, Hemant Gupta were inducted into the Social Stock Exchange Committee.
- SEBI is a Government of India-owned regulatory body that was established in 1992 with its headquarters in Mumbai. The current Chairperson of the body is Madhabi Puri Buch.
Star Health Launches Policy for Outpatients
Current Context: Star Health and Allied Insurance Company Ltd launched the insurance policy to provide comprehensive health and wellness benefits to outpatients.
Key Facts
- The policy launched by Star Health is called “Star Outpatient Care Insurance Policy”.
- It aims to bridge the gap between inpatient hospitalization expenses which are covered by outpatient charges and health insurance.
- It is a stand-alone policy that will give access to doctors, clinics, and diagnostic centers throughout the country.
- The following are the eligibility criteria to avail of the policy:
- Adults- 18-50 years
- Dependent Children- 36 days-25 years
- Features of the policy include:
- Policy Term- 01 year
- Sum Insured Basis- Individual and Floater
- Sum Insured Options- INR 25K, INR 50K, INR 75K, and INR 100K
- Star Health was established in 2006 with its headquarters in Chennai. The current Chairperson of the company is V Jagannathan.
YES Bank Partners with Turtlefin
Current Context: YES Bank partnered with Turtlefin to launch “EasyNsure”.Key Points
- EasyNsure is a comprehensive technology platform that aims to bring various insurance partners on a common platform.
- In order to simplify revenue reconciliation, EasyNsure will allow business tracking across the bank hierarchy.
- The benefits of the technology platform include:
- Seamless Single-Point Online Insurance Service
- Compare and Select Insurance Products for Customers
- The Facility of Cost Comparing
- At the event, the Country Head (Fee Income) of YES Bank, Sanjiv Roy, said that the bank was exploring innovative ways to ease the customer’s journey across products and services.
- The YES Bank was established in 2004 with its headquarters in Mumbai. The current MD & CEO of the company is Prashant Kumar.
Vistara to Merge with Air India
Current Context: Singapore Airlines (SIA) and Tata Sons Pvt. Ltd agreed to merge Vistara and Air India.Details
- Singapore Airlines (SIA) and Tata Sons will aim to complete the merger of Vistara and Air India by 2024.
- As a part of the transaction, SIA will also invest a sum of USD 250 million in Air India.
- This investment by SIA will increase its shareholding in Air India to 25.1%.
- Currently, SIA holds 49% and Tata Sons holds a 51% stake in Vistara.
- If needed, additional capital injections from SIA and Tata Sons will be done in FY23 and FY24 for the expansion and operation of Air India.
- Singapore Airlines was established in 1972 with its hub in Singapore Changi Airport. The current CEO of the company is Goh Choon Phong.
- Tata Sons Pvt. Ltd was established in 1917 with its headquarters in Mumbai. The current Chairperson of the company is Natarajan Chandrasekaran.
NITI Aayog Releases a Study Report
Current Context: The National Institution for Transforming India (NITI) Aayog released a report titled “Carbon Capture, Utilization and Storage (CCUS) Policy Framework and its Deployment Mechanism in India”.Key Highlights
- The report has been prepared by MN Dastur and Company (P) Ltd which received financial assistance from NITI Aayog under the research scheme.
- The report explores the role of CCUS as a strategy for emission reduction and to achieve decarbonization from hard-to-abate sectors.
- The report suggests that CCUS can contribute to a variety of opportunities to convert the captured CO2 to different value-added products viz. green area, building materials, food and beverage, chemicals, enhanced oil recovery (EOR), and polymers thus contributing substantially to a circular economy.
- It mentioned that CCUS projects will also lead to considerable employment generation and estimated that about 750 mtpa of carbon capture will create employment opportunities of about 8-10 million on a full-time equivalent (FTE) basis by 2050.
- NITI Aayog is a policy think-tank of the Government of India that was established in 2015 with its headquarters in New Delhi. The current CEO of it is Parameswaran Iyer.
This digest is not complete. Read the complete digest on the General Awareness Course.
