Current Affairs: Passage of the Day - 08 June 2024 | Current Affairs & General Knowledge - CLAT PDF Download

Directions: Read the passage carefully and answer the questions that follow.

Sebi has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India.
The award was received by Sebi's Whole Time Member Kamlesh Chandra Varshney in a ceremony held in Hong Kong.
"This authority (Sebi) has been actively working towards instantaneous settlement. In 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023. This move has provided investors with faster access to their funds following trade execution and settlement, enhancing market efficiency and liquidity," The Asian Banker said in a statement.
Through rigorous enforcement and innovative regulatory practices, Sebi has significantly improved the conduct of business in the country's financial markets, ensuring fair treatment of consumers and robust market integrity, it added.
The Asian Banker creates platforms to build a greater sense of community amongst players in the financial services industry, from traditional banks and digital disruptors to fintechs and platform players.
It also publishes rankings and ratings of institutions, people and processes to establish high standards in the delivery of finance products and solutions.
[Excerpt from Business Standard “Sebi Wins ‘Best Business Regulator’ Award in Asia Pacific” Dated 08/06/24]

Q1: What award did SEBI recently receive from The Asian Banker?
(a) Best Innovation in Financial Technology
(b) Best Conduct of Business Regulator
(c) Best Stock Market Performer
(d) Best Financial Inclusion Initiative

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Q2: Who accepted the award on behalf of SEBI?
(a) Ajay Tyagi
(b) Kamlesh Chandra Varshney
(c) U.K. Sinha
(d) M. Damodaran

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Q3: What significant initiative did SEBI implement to enhance market efficiency and liquidity?
(a) Introduction of Blockchain Technology
(b) Implementation of the T+1 settlement method
(c) Development of Digital Trading Platforms
(d) Launch of High-Frequency Trading Algorithms

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Q4: What is the primary goal of the T+1 settlement cycle?
(a) To increase the number of trading days
(b) To lower the risks associated with trade settlements
(c) To introduce more complex trading instruments
(d) To reduce trading fees for investors

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Q5: When was SEBI given statutory power through the SEBI Act?
(a) 1988
(b) 1990
(c) 1992
(d) 1994

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