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The Supreme Court asked the Securities and Exchange Board of India (SEBI) and the government to produce the existing regulatory framework in place to protect Indian investors, who are mostly middle class and reported to have lost several lakhs of crores in the past two weeks after the U.S.-based short-seller firm Hindenburg Research published a report, which led to sudden market volatility following a meltdown in the Adani Group shares.
Assuring the SEBI that it does not intend to go on a “witch-hunt” and is more interested in an “open dialogue”, a three-judge Bench led by Chief Justice of India D.Y. Chandrachud flagged the court’s concern for Indian investors and highlighted the need to protect them from such sudden market volatility in the future.
Usually, this may happen on a small scale, but reports in newspapers say the total loss suffered by Indian investors may go in the range of several lakh crore in terms of investor value.
Editorial
India’s law and order matrix needs a reboot (Page no. 6)
(GS Paper 2, Polity ad Constitution)
The annual All India Conference of Directors General/Inspectors General of Police which was held recently, witnessed a departure from the past, when some aspects that were discussed found their way into the public domain.
This led to an element of controversy over the management of certain issues, specially on the border, but little else. In its present form, the DGPs/IGPs conference is a relatively new construct (1980), superseding the earlier annual conference of Heads of Intelligence and CIDs of different States.
The latter conference used to deal mainly with the nitty-gritty of police work, viz., intelligence, crime and criminal investigation, technology and the forensic aspects, while the conference now additionally deals with a host of other issues including Policy and personnel matters.
The proliferation of subjects up for discussion in recent conferences, and the presence of increasing numbers of delegates to cover the various subjects leave little scope for any in-depth discussion.
Today’s security threats have an all-embracing character and there is a crying need for in-depth discussions on futuristic themes in policing, such as cyber crime, the dark web, crypto, maritime security, the threat from drones, and also problems stemming from an unchecked social media.
These are in addition to subjects such as left-wing extremism, counter-terrorism, drug trafficking and border issues. Lack of adequate time to discuss these matters in detail tend to undermine both the quality of the debates and possible outcomes.
Admittedly, we may not be standing today at the beginning of history, but the evolving security scenario is producing a myriad of internal and external challenges.
As the 21st century advances, security problems will grow at an exponential rate. Their dimensions are as yet unclear, but what is already evident is that the emerging challenges would require greater innovativeness and agility as well as a demonstration of newer cognitive skills to meet the challenges posed by swift technological change and the rise of data war fighting.
Hence, decision making in these circumstances needs to undergo fundamental changes, entailing more purposive discussion at higher levels.
Ground Zero
The battle against child marriage (Page no. 7)
(GS Paper 2, Social Justice)
For the first time in more than two decades, a police team from the Ulukunchi outpost came asking questions at Birsingi, a village in Assam’s West Karbi Anglong district.
The visit on February 4 made the hill-dwelling Tiwa tribal people analyse gobhiya thaka, a kind of live-in relationship a few of them still practise.
Birsingi is about 110 km east of Guwahati. “The police came with records of teenage pregnancy and delivery from the Umpanai health sub-centre nearby.
It made us think seriously about our practice and when a girl child is old enough to choose to live with her partner,” Dilip Timung, a village elder, said. The police inquiry pertained to a non-local teenage girl who had come to stay with a relative during childbirth.
In adjoining Morigaon district’s Kasakhila village, aerially 60 km northwest of Birsingi, 17-year-old Mamoni Biswas (name changed) wished she had listened to her parents to wait till her Class 12 exams to be with her boyfriend Prasenjit Mandal.
About nine months ago, she skipped school near her village and walked 3 km to daily-wager Prasenjit’s house. They were later married at a local temple.
On February 3, the police picked up 23-year-old Prasenjit leaving a pregnant Mamoni distraught and her mother-in-law worried about her son’s future. I still don’t understand why my son has been arrested for marrying the girl he loves.
At No. 2 Kosutoli in Morigaon district, almost equidistant from Birsingi and Kasakhila, Hafiz Mujibur Rahman has become the most hated person overnight.
The local kazi or civil judge following the Muslim personal law, he has been absconding since the Assam Police launched the crackdown against child marriage on February 3.
The 22-year-old Badrul, also a driver, had eloped with the girl he loved almost a year ago. His family got in touch with the girl’s parents in the neighbouring Samatapathar village, traced the runaway couple and made the girl return home as she was a couple of months shy of turning 18.
News
Suitability of a candidate cleared by Collegium can’t be subject of judicial review: SC (Page no. 8)
(GS Paper 2, Judiciary)
The Supreme Court, in a nine-page order, explained that “suitability” of a candidate cleared by the Collegium for appointment as a judge in a constitutional court cannot be a subject of judicial review.
“We are clearly of the opinion that this court, while exercising power of judicial review, cannot issue a writ of certiorari quashing the recommendation, or mandamus calling upon the Collegium of the Supreme Court to reconsider its decision.
To do so would violate the law as declared, as it would amount to evaluating and substituting the decision of the Collegium, with individual or personal opinion on the suitability and merits of the person.
The Bench rejected the argument that the Collegium had not known the ‘facts’ about Victoria Gowri. It said the Collegium had not “deemed it appropriate to withdraw the recommendation or recall their decision” even after receiving the petitioners’ letter about her on February 1.
The order, however, does not address the petitioner’s argument about the oral statement made by Chief Justice of India D.Y. Chandrachud in open court on February 6 that the Collegium was considering the “developments” raised in the letter.
The letter had drawn the Collegium’s attention to social media posts of Ms. Gowri in 2018 which, according to the petitioners, amounted to hate speech.
Under daily scrutiny
But the Bench, in its order, said a judge’s pledge and duty transcended religious, linguistic, regional or sectional diversities. As an Additional Judge, she was under daily scrutiny from lawyers, litigants and the public. The courts were open and the judges spoke by giving reasons in writing for their decisions.
Centre to borrow ₹13,879 crore to boost health infrastructure (Page no. 10)
(GS Paper 2, Health)
The Union government has signed loan agreements to borrow up to ₹13,879 crore to strengthen health infrastructure from international agencies.
As per a written reply in Lok Sabha by Minster of State for Health, Dr. Bharti Pawar, as on February 6, loan agreements have been signed with Asian Development Bank (ADB) for $300 million (₹2,474 crore) and with Japan International Cooperation Agency (JICA) for 50 billion Japanese Yen (₹3,162 crore).
In addition, the World Bank has approved $1 billion (₹8,243 crore) IBRD loans for Pradhan Mantri Ayushman Bharat Infrastructure Mission (PM-ABHIM). IBRD is the lending arm of the World Bank.
The loan agreements have been signed to augment PM-ABHIM which was launched on October 25, 2021, with an outlay of about ₹64,180 crore (till FY 2025-26) to strengthen healthcare infrastructure across the country.
While the government provides financial assistance to States and Union Territories to set up and upgrade health infrastructure under National Health Mission, the PM-ABHIM was launched in addition to it. It was launched to fill gaps in health infrastructure, especially in critical and primary care facilities.
The major initiatives planned under the mission include support for construction of 17,788 rural Health and Wellness Centres, establishment of 11,024 Urban Health and Wellness Centres, setting up 3,382 Block Public Health Units and setting up of Integrated Public Health Labs in all districts.
World
China, U.S. spar over Congress resolution ‘condemning’ balloon (Page no. 11)
(GS Paper 2, International Relation)
The U.S. House of Representatives passing a resolution condemning China’s surveillance balloon brought a sharp response from Beijing, with the world’s two biggest powers continuing to spar over the latest diplomatic row in their relations.
“The U.S. Congress’s resolution is purely about scoring political points and dramatising the whole thing. China deplores it and firmly opposes it,” Foreign Ministry spokesperson Mao Ning said in Beijing.
The Chinese side has repeatedly shared information and stated its position on the unintended entry of the unmanned Chinese civilian airship into U.S. airspace due to force majeure.
The U.S. Congress resolution was passed unanimously with 419 votes in favour and none against, underlining rare bipartisan unity. It condemned China for “brazen violation of United States sovereignty.
The U.S. government, meanwhile, said on Thursday the surveillance balloon from China was fitted with antennae, and capable of collecting data. Beijing has continued to insist the balloon was “civilian” and used for meteorological purposes.
While the Congress resolution did reflect some unity as far as China is concerned despite other political divisions, it also called on the Biden administration to share more information on the balloon incident.
President Biden has come under fire from Republicans for not shooting down the balloon shortly after its detection over Alaska on January 28 and instead waiting for it to leave land.
The U.S. military finally shot it down on February 5 while it was in U.S. airspace in waters off the east coast, after the balloon drifted across the continental U.S. for a week.
Administration officials had previously expressed concern on damage from falling debris if the balloon was brought down over land.
The balloon incident led to the Biden administration cancelling this week’s scheduled visit to China by Secretary of State Antony Blinken, the first such high-level visit since 2018.