29 April 2023

• Governance: SEBI completed 35 years and launched a new logo; its expanded mandate covers corporate governance, mutual funds, insider trading and Investor Protection Fund.
• Polity: The concept of Fraternity in the Constitution's Preamble and Article 51A was assessed as part of the 75th year of the Constitution's enactment.
• International: The India-UK Zero Innovation Virtual Centre (NET Zero) began its first collaborative climate-tech projects; the EU's Digital Services Act came into effect.
• Science: CDSCO's regulatory framework for drugs and devices was discussed in the context of India's aspirations as a global pharmaceutical manufacturer.
• Education: The removal of the Theory of Evolution from NCERT Class 10 textbooks (confirmed in 2023) raised concern among science educators.

GS area: Economy (Capital markets, Regulation)

The Securities and Exchange Board of India (SEBI) marked its 35th anniversary on 12 April 1988 (as a non-statutory body) and its 35th year as a statutory body in April 2023, when it was given statutory powers under the SEBI Act 1992.

• Establishment: SEBI was set up as an advisory body in April 1988 and was given statutory powers by the SEBI Act, which came into force in January 1992, following the Harshad Mehta securities scam of 1992.
• Mandate: Protecting the interests of investors in securities; promoting the development of the securities market; regulating the securities market.
• Instruments regulated: Equity shares, debt instruments (bonds, debentures), mutual fund units, derivatives (futures and options), Real Estate Investment Trusts, Infrastructure Investment Trusts.
• SEBI's three roles: Regulator (issues regulations and enforces them), Legislator (makes the rules governing market participants), and Developer (works to expand and deepen markets).
• Harshad Mehta scam: The 1992 scam involved systematic manipulation of share prices using funds diverted from the banking system through the Ready Forward Deal mechanism. It exposed regulatory gaps and directly led to SEBI's statutory empowerment.
• SAT: The Securities Appellate Tribunal hears appeals against SEBI orders. From SAT, appeals go to the Supreme Court.
• Recent SEBI actions (2022-23): Crackdown on front-running (insider trading ahead of fund trades), new cyber security framework for market infrastructure institutions, and social stock exchange launch for non-profit fundraising.

Static linkage: Capital market regulation, financial sector, investor protection.

GS area: Polity (Constitution, Fundamental rights)

The concept of fraternity was debated in April 2023 as part of the 75th year of the Constitution's adoption.

• Preamble's promise: The Preamble resolves to secure Fraternity, assuring the dignity of the individual and the unity and integrity of the Nation.
• Not a fundamental right: Unlike Liberty, Equality and Justice, Fraternity is not specifically enumerated as a fundamental right. It appears in the Preamble and is woven through the Fundamental Duties (Article 51A).
• Ambedkar on fraternity: B.R. Ambedkar considered fraternity the most important of the three ideals (liberty, equality, fraternity). He argued that liberty and equality were meaningless without social fraternity : without people treating each other as fellow citizens rather than as caste hierarchies.
• Article 51A(e): A fundamental duty to promote harmony and the spirit of common brotherhood amongst all the people of India transcending religious, linguistic and regional or sectional diversities.
• Fraternity vs communalism: Ambedkar's concern was that India's caste and communal divisions made genuine fraternity difficult. His speech at the Constituent Assembly on 25 November 1949 ("Grammar of Anarchy" speech) warned that without fraternity, liberty and equality would crumble.
• Contemporary relevance: Hate speech, caste discrimination and communal violence are tests of fraternity. The Supreme Court has cited the Preamble to support non-discrimination arguments in cases involving minorities and marginalized groups.

Static linkage: Constitution, Ambedkar, fundamental duties, Preamble.

GS area: Science and Technology (Science education, Policy)

NCERT's rationalised textbooks for 2023-24 removed the chapter on the Theory of Evolution from Class 10 Science, drawing criticism from scientists, science educators and civil society organisations.

• What was removed: The chapter "Heredity and Evolution" from NCERT Class 10 Science was dropped. It covered natural selection, genetic inheritance, speciation and common descent.
• NCERT's rationale: The chapter was dropped as part of a syllabus rationalisation exercise to reduce the COVID-19 learning burden on students, keeping only content from Classes 11-12.
• Scientists' objection: The Indian Academy of Sciences, the Indian National Science Academy and the National Academy of Sciences issued a joint statement saying evolution is a foundational concept and its removal from the formative Class 10 stage could produce graduates with a gap in scientific literacy.
• Evolution and UPSC: The Theory of Evolution is tested in UPSC Prelims in the General Studies II (Science and Technology) paper and appears in Class 11 Biology (NCERT). It remains in Class 12 Biology under evolutionary genetics.
• Related removal: Periodic table, democracy content from Civics, portions on the Mughal empire in History and Mahatma Gandhi's "Experiment with Truth" were also part of the rationalised content. The cumulative effect raised questions about selective editing.
• NCERT's autonomy: National Council of Educational Research and Training is an autonomous organisation under the Ministry of Education. Its textbooks are used by CBSE-affiliated schools and are the primary reference for competitive examinations.

Static linkage: Education policy, science and technology, constitutional values.

GS area: Science and Technology (Internet governance, Regulation)

The EU's Digital Services Act (DSA) came into effect on 25 August 2023 for very large online platforms (those with over 45 million EU users) and in February 2024 for all other digital services. In April 2023, the DSA's framework was being examined by regulators globally.

• What the DSA requires: Very large platforms (VLOPs) such as Meta, Google, Twitter, TikTok must conduct risk assessments for systemic harms (misinformation, illegal content), provide algorithmic transparency, allow independent audits and give users choice over personalised recommendations.
• Difference from GDPR: GDPR regulates data protection (who can hold data and how). DSA regulates platform behaviour : what hosts of content must do to prevent harm and ensure accountability.
• India's IT Amendment Rules 2023: India's approach, covered earlier in the month, differs: it establishes a government-appointed grievance appellate committee and a fact-checker mechanism rather than self-risk-assessment. Critics say India's approach is more statist and less algorithmic transparency focused.
• Global regulatory convergence: The EU DSA is becoming a de facto global standard, much as GDPR did for data protection. Indian companies that operate in the EU market must comply with DSA requirements.
• Safe harbour in India: India's IT Act Section 79 provides intermediary liability protection (safe harbour) for platforms that are mere conduits. The IT Amendment Rules 2023 modified safe harbour conditions (takedown requirements, traceability, etc.).

Static linkage: Internet governance, platform regulation, digital policy.

GS area: International Relations (Climate diplomacy, Technology)

The India-UK NET Zero Innovation Virtual Centre began its operational phase in April 2023, connecting researchers from both countries on climate technology projects.

• Background: The Centre was announced under the India-UK Roadmap 2030 (agreed in May 2021 during PM Boris Johnson's visit). The 2030 Roadmap covers defence, trade, climate, health and innovation.
• Focus areas: Low-carbon hydrogen, offshore wind (especially floating offshore wind technology), electric vehicle batteries and energy storage, smart grids and power electronics.
• India's net zero target: India has committed to net zero by 2070 (announced at COP26, Glasgow, November 2021). Intermediate targets: 500 GW of non-fossil electricity capacity by 2030; 50 per cent electricity from non-fossil sources by 2030.
• India-UK bilateral: The UK is India's 10th largest trade partner. A Free Trade Agreement (FTA) was under negotiation as of April 2023, with renewable energy and services as key sectors.
• Green hydrogen: India's National Green Hydrogen Mission (January 2023) targets 5 MMTPA of green hydrogen production by 2030, with Rs 19,744 crore of incentives. Green hydrogen requires renewable electricity for electrolysis; UK offshore wind technology is relevant to India's green hydrogen ambition.

Static linkage: Climate change, India-UK relations, clean energy.