Daily Current Affairs

To The Point Notes



1.SEBI Unveils Framework for Indian Mutual Funds to Invest in Overseas Funds

Why in News ?

  • SEBI proposes a framework allowing domestic Mutual Funds (MFs) to invest in overseas counterparts (Unit Trusts or UTs) that hold some Indian securities.


  • Currently, Indian MFs cannot directly invest in overseas MFs/UTs with exposure to Indian securities.
  • Investing in overseas funds with significant Indian holdings wouldn’t offer true diversification benefits.
  • Indirect investment through overseas instruments might be less cost-effective for Indian investors compared to direct investment in Indian securities.

What are Mutual Funds?

  • A professionally managed pool of money from multiple investors with shared investment goals.
  • Invests in equities, bonds, money market instruments, and other securities.
  • Generates income/gains distributed proportionately to investors after expenses.

Need for the Framework

  • Indian securities are attractive to foreign funds, leading to international indices, ETFs, MFs, and UTs allocating a portion to them.
  • Indian MFs can launch ‘feeder funds’ to invest in overseas instruments for diversification and accessing global markets.

SEBI’s Proposals

  • Investment Limit in Overseas Funds: Limit set at 20% of their net assets to balance access and prevent excessive exposure.
  • Fair Returns for Investors: Indian MFs must ensure all investors in the overseas instrument receive gains proportionate to their contribution.
  • Independent Investment Management: Overseas instruments must be managed by an independent investment manager actively making investment decisions.
  • Transparency through Public Disclosures: SEBI seeks regular public disclosures of overseas MF/UT portfolios.
  • Ban on Advisory Agreements: Prohibits advisory agreements between Indian MFs and overseas MF/UTs to avoid conflicts of interest.

Breach of 20% Limit

  • If the overseas instrument breaches the 20% limit, the Indian MF scheme investing in it will enter a 6-month observation period.
  • The overseas fund must rebalance its portfolio within this period to comply with the cap.
  • During observation, the Indian MF cannot invest further in the overseas MF/UT.
  • If not rebalanced within the period, the Indian MF must liquidate its investment in the overseas instrument within 6 months.

Source : https://www.thehindu.com/business/markets/sebi-proposal-to-allow-indian-mutual-funds-to-invest-in-overseas-funds-with-indian-exposure-explained/article68225859.ece





2.Living Will

Why in News ?

  • Justice M S Sonak of the Goa Bench of the Bombay High Court became the first person in Goa to register a living will.

About Living Will

  • A legal document specifying your preferences for medical care or stopping treatment when you cannot make decisions yourself.

Supreme Court Ruling (2018)

  • Upheld the right to die with dignity and allowed passive euthanasia.
  • Recognized living wills of terminally ill patients who could enter a permanent vegetative state.

Guidelines for Living Will

  • Must be of legal age and sound mind.
  • Aware of conditions when treatment/life support will stop.
  • Decision made without pressure.
  • Signed by you, witnessed by two people, and attested by a gazetted officer or notary.
  • Copies to doctor, designated person (family/friend), local self-government secretary, and district magistrate.

Source : https://indianexpress.com/article/india/high-court-judge-becomes-first-in-goa-to-register-living-will-9364605/




3.African National Congress (ANC)

  • National liberation movement formed in 1912 to unite Africans and lead the struggle for political, social and economic change in South Africa.
  • Open membership to all South Africans above 18, regardless of race, color, creed, who accept its principles, policies and programs.
  • Led by Nelson Mandela, it won landmark 1994 elections that marked the end of apartheid.
  • Has won national elections every five years since 1994, leading the government.
  • Spearheaded the struggle against racism and apartheid oppression through:
    • Organizing mass resistance
    • Mobilizing international community
    • Taking up armed struggle
  • Lost its 30-year-old parliamentary majority in recent polls, winning just over 40% of national vote share.
  • Key achievements:
    • Ending apartheid
    • Establishing multi-racial democracy
    • Promoting reconciliation and unity

Source : https://indianexpress.com/article/explained/explained-global/end-of-anc-dominance-south-africa-9366373/




Art and Culture

4.Ancient Rock Paintings Discovered near Hampi’s Pampa Lake


  • Discovered by Karnataka Archaeology Department near Pampa Lake (Koppal district) on the road to Anegundi (Hampi World Heritage Site).


  • Estimated to be 2,500 years old.


  • Most prominent scene: standing humped bull (40cm x 20cm) under attack by a striped tiger (50cm x 20cm). Both figures are orange-red.
  • Fainter images of smaller bulls and other figures nearby.


  • Offers insights into artistic skills and possibly cultural beliefs of creators 2,500 years ago.
  • Well-preserved due to natural rock shelter protection.

Hampi World Heritage Site:

  • Vijayanagara Empire capital (1336-1565).
  • Described as prosperous and grand by foreign travelers.
  • Ruins span over 4,100 hectares.

Pampa Lake:

  • Sacred lake near Hampi.
  • One of five sacred sarovars in India (Panch Sarovar).
  • Mentioned in Ramayana as the place where Shabari awaited Rama.


  • Pamba River (longest in Kerala) is a different river from Pampa Lake (Karnataka).
  • Archaeology department plans to install a signboard to inform tourists about the rock art.

Source : https://www.deccanchronicle.com/news/ancient-rock-paintings-discovered-near-pampa-lake-896828




5.Mullaperiyar Dam Facts

  • Masonry gravity dam on the Periyar River, Idukki, Kerala.
  • Constructed (1887-1895) by John Pennycuick.
  • Located on the Cardamom Hills of the Western Ghats.
  • Operated and maintained by Tamil Nadu (catchment area entirely in Kerala).
  • Reservoir located near Periyar National Park.
  • Seismically active area with potential structural flaws.
  • Potential risk to 3.5 million people in case of dam failure.
  • Water diverted to Forebay Dam for power generation.
  • Dam is a gravity dam made with concrete and faced with rubble.

Source :https://www.thehindu.com/news/national/why-is-there-a-fresh-row-on-mullaperiyar/article68241020.ece#:~:text=Why%20was%20the%20meeting%20called,all%20legal%20and%20governmental%20levels.




6.Ex RIMPAC (Rim of the Pacific)

  • Biennial Exercise: Held every other year (even numbered years) since 1971 (29th iteration in 2024).
  • Hosted by: United States Navy (Indo-Pacific Command) in Hawaii.
  • Goal: Foster cooperation and enhance maritime security in the Indo-Pacific.
  • Theme (2024): Partners: Integrated and Prepared
  • Participants (expected):
    • 29 Nations (including India, US, Japan, Australia, Canada)
    • 40 Surface Ships
    • 3 Submarines
    • 14 National Land Forces
    • 150+ Aircraft
    • 25,000+ Personnel
  • Significance:
    • Ensures safety of sea lanes.
    • Promotes security in a free and open Indo-Pacific.
    • Provides platform for joint training, interoperability, and trust-building among participating navies.

Source : https://www.thehindu.com/news/national/india-joins-uss-red-flag-air-and-rimpac-naval-exercises/article68243619.ece


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