PM Modi launches new series of coins with Azadi Ka Amrit Mahotsav design

08 June 2022
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PM Modi launches new series of coins with Azadi Ka Amrit Mahotsav design

Prime Minister Narendra Modi has launched a special series of coins that are also ‘visually impaired friendly’. The coins of Re 1, Rs 2, 5, 10 and 20 denominations will have the Azadi Ka Amrit Mahotsav (AKAM) design. They are not commemorative coins and will be part of circulation. These new series of coins will remind people of the goal of amrit kal and motivate people to work towards the development of the country.

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Meanwhile, lenders like HDFC Bank and Axis Bank said these special coins will be distributed through select branches. AKAM is an initiative of the Government of India to celebrate and commemorate 75 years of independence.

SEBI Advisory Committee on Mutual Funds restructured

08 June 2022
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SEBI Advisory Committee on Mutual Funds restructured

SEBI, the market regulator, has revamped its mutual fund advisory committee. According to the latest update with the Securities and Exchange Board of India (Sebi), the 25-member advisory council will be chaired by Usha Thorat, a former Deputy Governor of the Reserve Bank of India (RBI). Previously, the panel consisted of 24 people.

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Committee Aim:

• The committee’s mission is to advise the Securities and Exchange Board of India (SEBI) on problems relating to mutual fund regulation and development.
• It can also advise the regulator on disclosure requirements and steps necessary for a change in the legal framework to bring mutual fund laws closer to simplification and transparency.

Members in the Advisory Committee:

• Neeraj Choksi, Chairman of NJ India Invest, has been appointed to the advisory council by the regulator.
• Sunil Gulati, Independent Trustee at SBI Mutual Fund, and Dharmishta Narendraprasad Raval, Independent Trustee at DSP Mutual Fund, are among the other members.
• Prathit D Bhobe, MD and CEO of Tata Asset Management, Vinay Tonse, MD and CEO of SBI Funds Management, Swarup Mohanty, CEO of Mirae Asset Investment Managers (India), MD and CEO of Sundaram Asset Management Company.
• The panel also includes Sunil Subramaniam, Navin Agarwal, MD and CEO of Motilal Oswal Asset Management Company, and A Balasubramanian, Chairman of the Association of Mutual Funds in India (AMFI).
• The committee also includes officials from the BSE, NSE, Computer Age Management Services (CAMS), KFin Technologies, as well as the finance ministry and Sebi.

‘Sital Sasthi’ festival being celebrated in Odisha

08 June 2022
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‘Sital Sasthi’ festival being celebrated in Odisha

Sital Sasthi is a sacred Hindu festival is being celebrated in Odisha. This week-long special festival highlights the marriage of Lord Shiva and Goddess Parvati. According to the Hindu calendar, Sital Sasthi is observed on the sixth day of the Jyestha month during the Shukla Paksha.

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Interesting fact of the festival:

• People observing this festival believe that Lord Shiva represents the scorching heat of summer while Goddess Parvati signifies the first rain.
• So, this holy and lavish wedding is observed for a good monsoon.
• Sital Sasthi is a celebration wherein Lord Shiva and Goddess Parvati are adopted by two families, and their wedding is solemnised with the involvement of rituals.
• After the marriage is performed, the God and Goddess are then carried around the city via a procession

About the festival:

This festival is usually celebrated in a form of a grand carnival. Artists and individuals from different states come together and participate in the celebrations. The Sambalpur carnival, which is a popular event, attracts thousands of tourists from all over India and abroad. This year, an assembly of more than 6,000 artists from across Odisha as well as other states are likely to perform at the cultural extravaganza after a gap of two years. Events like folk music, dance, and other such festivities form the chief attraction of this carnival.

Important takeaways for all competitive exams:

• Odisha Capital: Bhubaneswar;
• Odisha Governor: Ganeshi Lal;
• Odisha Chief Minister: Naveen Patnaik.