DAILY NEWS ANALYSIS

Jane Street Group, a US-based trading firm, has recently filed an appeal with the Securities Appellate Tribunal (SAT) against Securities and Exchange Board of India (SEBI) in an alleged market manipulation case.

About the Securities Appellate Tribunal (SAT)

The Securities Appellate Tribunal (SAT) is a statutory body created under the Securities and Exchange Board of India Act, 1992. It serves as a quasi-judicial body that primarily hears and disposes of appeals against orders issued by SEBI or any adjudicating officer under the Act.

SAT operates from Mumbai, with jurisdiction over the entire country. It also hears appeals related to orders issued by:

• Insurance Regulatory and Development Authority of India (IRDAI) in cases filed before it.

• Pension Fund Regulatory and Development Authority (PFRDA) in cases filed before it.

Who Can File an Appeal?

Anyone aggrieved by SEBI's decisions can file an appeal with SAT. This includes:

• Market participants

• Listed companies

• Intermediaries

• Investors

This ensures that all stakeholders have a platform for seeking redressal if they believe SEBI's decisions are unfair or unjust.

Composition of SAT

The Securities Appellate Tribunal (SAT) is made up of:

• One Presiding Officer and a number of Judicial and Technical Members as appointed by the Central Government.

Presiding Officer Requirements:

• Retired or sitting Judge of the Supreme Court

• Chief Justice of the High Court

• Judge of the High Court with at least seven years of service

Judicial Member Requirements:

• Judge of the High Court with a minimum of five years of service

Technical Member:

• A Secretary or Additional Secretary in the Ministry/Department of the Central Government or an equivalent post in the State Government.

• A person with 15 years of experience in the financial sector, including securities markets, pension funds, commodity derivatives, or insurance.

Appointment Process:

• The Presiding Officer and Judicial Members are appointed by the Central Government in consultation with the Chief Justice of India or its nominee.

Tenure of SAT Members

The tenure of the Presiding Officer and other members is five years from the date of appointment. They can be re-appointed for another term of five years. However, no member can hold office after reaching the age of 70.

Powers of the Securities Appellate Tribunal

SAT possesses powers similar to that of a civil court and has the authority to:

• Summon and enforce the attendance of witnesses

• Receive evidence and examine witnesses under oath

• Require the discovery and production of documents

These powers allow SAT to thoroughly review and adjudicate the appeals, ensuring justice and transparency.

Appeal Against SAT's Decision

Any person aggrieved by the order or decision of SAT can file an appeal to the Supreme Court of India. However, such an appeal can only be made on questions of law, not on factual matters.

Current Context: Jane Street's Appeal

In this case, Jane Street Group has filed an appeal before SAT against SEBI’s decision regarding market manipulation. This case will be an important test of SAT's powers, particularly in how it handles complex market manipulation issues, which often involve intricate trading patterns and regulatory interpretations.

Conclusion: The Securities Appellate Tribunal (SAT) plays a crucial role in India's financial regulatory framework by offering a mechanism to challenge SEBI's decisions and ensuring fairness and accountability in the securities market. This specific case involving Jane Street Group is one of many where SAT will act as a check on market regulations and decisions

The Ministry of Tribal Affairs has requested the Registrar General and Census Commissioner of India (RGI) to consider enumerating the Particularly Vulnerable Tribal Groups (PVTGs) separately in the upcoming Census.

About Particularly Vulnerable Tribal Groups (PVTGs)

PVTGs are a sub-category of Scheduled Tribes (STs) in India who are considered more vulnerable than other tribal groups due to several factors. These groups are not only marginalized in terms of economic and social development but also face challenges due to their isolated way of life and historical disadvantage.

Criteria for Identifying PVTGs

PVTGs are identified based on specific criteria that include:

1. Declining or Stagnant Population: These groups exhibit low or stagnant growth rates due to their isolation and economic challenges.

2. Geographical Isolation: They are often located in remote and inaccessible areas, making it harder for them to interact with the rest of the population and access resources.

3. Pre-Agrarian Practices: Many PVTGs still rely on hunting, gathering, and shifting cultivation instead of modern agricultural methods.

4. Economic Backwardness: They tend to have lower income levels and lack access to basic amenities and infrastructure.

5. Low Literacy Levels: These groups have lower education levels compared to other communities.

Historical Context

The Dhebar Commission (1960-61), led by former Member of Parliament U N Dhebar, recommended the creation of this category to provide specific welfare and developmental support to these vulnerable tribal communities.

Current PVTGs in India

• There are 75 recognized PVTGs in India, spread across 18 states and the Union Territory of Andaman and Nicobar Islands.

• Madhya Pradesh has the highest estimated population of PVTGs, followed by Maharashtra and Andhra Pradesh.

• According to recent surveys, the estimated population of PVTGs in India is 47.5 lakh.

Livelihoods of PVTGs

The livelihoods of PVTGs are often based on traditional practices that are subsistence-oriented. These include:

• Food Gathering: Many PVTGs continue to rely on the collection of forest produce, including fruits, tubers, and roots.

• Non-Timber Forest Produce (NTFP): This includes products like medicinal plants, honey, and other forest-based resources.

• Hunting: Some PVTGs still hunt for food and sustenance, though this practice has been increasingly restricted due to environmental and conservation concerns.

• Livestock Rearing: Rearing of animals like goats, cattle, and poultry is common among certain tribes.

• Shifting Cultivation: Also known as slash-and-burn agriculture, this practice is still prevalent in some communities.

• Artisan Works: Some groups engage in traditional crafts, weaving, pottery, or basket making as a source of livelihood.

Welfare Schemes for PVTGs

To address the socio-economic challenges faced by PVTGs, the government has launched a number of welfare schemes:

1. PM JANMAN Scheme:

   • PM JANMAN (Pradhan Mantri Jan Janata Manav Abhiyan Yojana) is a comprehensive initiative rolled out with an allocation of Rs 24,104 crore.

   • The scheme aims to uplift the socio-economic status of PVTGs by improving their health, education, livelihoods, and amenities.

   • The program targets over 200 districts where these vulnerable communities reside, aiming to provide better access to healthcare, improved education, livelihood opportunities, and overall better living conditions.

2. Other Welfare Initiatives:

   • Health and Education: Focus on providing healthcare infrastructure, improving literacy rates, and building schools in tribal areas.

   • Infrastructure Development: Efforts to build roads, transportation, and electricity in remote tribal areas to integrate them into the larger socio-economic fabric of the country.

   • Skill Development: Providing skills training to PVTGs to enhance their livelihood options, particularly in the modern economy.

Challenges

Despite these schemes, challenges remain in fully integrating PVTGs into mainstream society. Their isolation, lack of awareness about government schemes, and deep-rooted poverty continue to affect their quality of life. The proposal to enumerate these groups separately in the upcoming census can help in addressing these challenges more effectively by providing more accurate and focused data, which can in turn improve policymaking and resource allocation for their development

Odisha’s Debrigarh Wildlife Sanctuary is set to be declared India's newest tiger reserve. This move is aimed at further strengthening the sanctuary’s conservation efforts and supporting the growing tiger population in the region.

About Debrigarh Wildlife Sanctuary

• Location: The sanctuary is situated in the Bargarh district of Odisha, near the Hirakud Dam (the longest earthen dam in the world, also the longest dam in India). It lies along the Mahanadi River, which adds to the rich biodiversity of the area.

• History: The sanctuary was officially declared in 1985. It holds historical significance due to its connection with the famous freedom fighter Veer Surendra Sai, who had his base at Barapathara within the sanctuary during his rebellion against the British.

Flora and Fauna

Vegetation:

• The sanctuary is primarily covered by mixed and dry deciduous forests, contributing to a diverse ecosystem. These forests support a wide variety of plant species, including Sal, Asana, Bija, Aanla, and Dhaura trees.

Fauna:

Debrigarh is home to a variety of fauna, including several species of mammals, birds, and reptiles. Some of the notable species are:

• Indian Leopards

• Sloth Bears

• Chousingha (Four-Horned Antelope)

• Sambar Deer

• Gaurs (Indian Bison)

• Wild Boars

• Indian Wild Dogs

The sanctuary is also recognized as one of the most important wintering grounds for migratory birds in Odisha, attracting a wide variety of avian species from far-flung regions.

Prominent Bird Species:

• Crested Serpent Eagle

• Flower Peckers

• Red Vented Bulbul

• Tree Pie

• Drongo

• White-Eye Oriental

Significance of Declaring it a Tiger Reserve

The declaration of Debrigarh Wildlife Sanctuary as a tiger reserve is an important development in the conservation efforts of Odisha. It will provide a more focused approach to the preservation of the Royal Bengal Tiger and its habitat. By becoming a tiger reserve, the sanctuary will gain additional funds, resources, and regulatory measures aimed at improving the management and protection of wildlife within the region.

Conservation Efforts

The proposal to upgrade Debrigarh to a tiger reserve aligns with India's broader efforts to protect its tiger population, which has been steadily increasing in recent years due to dedicated conservation programs like Project Tiger. This move will also enhance the sanctuary's ability to address challenges like poaching, habitat degradation, and human-wildlife conflict, which are common threats to tiger populations in India.

Conclusion

Debrigarh’s transformation into a tiger reserve will help bolster wildlife conservation efforts, not only for the Royal Bengal Tiger but also for the entire ecosystem that the sanctuary supports. The surrounding region, rich in history, biodiversity, and cultural significance, stands to gain from this much-needed development

Recently, a landslide buried a remote mountain village in the Darfur region of Sudan.

About Sudan

• Location: Sudan is the third largest country in Africa.

• Borders: It shares its borders with South Sudan, Ethiopia, Eritrea, Egypt, Libya, Chad, and the Central African Republic.

• Geography:

  • The country has a diverse landscape, ranging from the Sahara Desert in the north to the forests of West Africa and the Congo River basin in the south.

  • Sudan has a significant coastline along the Red Sea to the east.

  • It is largely characterized by vast plains and plateaus, with most of the land drained by the Nile River and its tributaries.

• Relief: Sudan's geography mainly consists of deserts and arid grasslands with sparse vegetation.

  • Highest point: Jabal Marrah, part of the Darfur mountain range.

Natural Resources:

Sudan is rich in several valuable natural resources:

• Petroleum (the country is an oil producer)

• Gold (Sudan has significant gold reserves)

• Other minerals: Small reserves of iron ore, copper, chromium ore, zinc, tungsten, mica, and silver.

• Hydropower potential due to the presence of the Nile River.

Capital:

• Khartoum: The capital city, located at the junction of the Blue Nile and White Nile rivers, serves as the country's political, cultural, and economic hub.

The recent tragedy in Darfur is part of the wider challenges faced by Sudan, including ongoing conflict, displacement of people, and natural disasters. These events further underscore the need for enhanced disaster management, humanitarian aid, and international cooperation to address the challenges in this region

The Sample Registration System (SRS) Statistical Report 2023 has revealed some crucial demographic insights, particularly highlighting the ageing population and changes in fertility rates in India.

About the Sample Registration Survey Statistical Report

• The SRS is conducted by the Office of the Registrar General & Census Commissioner, India (ORGI).

• It offers valuable data on fertility and mortality indicators, including key metrics such as:

  • Crude Birth Rate (CBR)

  • Crude Death Rate (CDR)

  • Infant Mortality Rate (IMR)

Key Highlights of the 2023 Report

1. Total Fertility Rate (TFR):

   • India's TFR has fallen to 1.9 in 2023, marking the first decline in two years.

   • This is significant because it is below the replacement level of 2.1.

   • 18 States and UTs have reported a TFR below the replacement level.

2. Crude Birth Rate (CBR):

   • The CBR in India has decreased by 0.7 points, from 19.1 in 2022 to 18.4 in 2023.

   • The highest CBR was recorded in Bihar (25.8), while the lowest was in Tamil Nadu (12).

3. Ageing Population:

   • 9.7% of India’s population is now aged 60 or above, a notable rise from 8.6% in 2011.

   • Kerala has the highest proportion, with nearly 15% of its population aged above 60.

4. Sex Ratio at Birth (SRB):

   • The sex ratio at birth in India is recorded at 917, which means that for every 1,000 boys, there are 917 girls born.

Implications

• The decline in fertility rates and the ageing population reflect shifting demographic trends in India. The ageing population, in particular, signals a need for policies targeting elderly care, healthcare accessibility, and pension schemes.

• A decline in birth rates also has implications for long-term workforce demographics, as a shrinking younger population might affect labor supply in future decades.

• The sex ratio at birth is a critical indicator, although it still falls short of a balanced ratio, signaling that gender disparities remain a challenge

Researchers at the S. N. Bose National Centre for Basic Sciences (SNBNCBS) have discovered that p47 protein, previously known primarily for assisting other proteins in cellular machinery, has an unexpected ability to act as a “mechanical chaperone.”

About P-47 Protein

• P-47 is a cofactor protein that was primarily thought to assist the p97 protein, which plays a crucial role in protein trafficking, degradation, and membrane fusion.

• P-47’s main function was understood as aiding p97 in moving proteins across cellular compartments, particularly the endoplasmic reticulum (ER), and assisting in their subsequent degradation or processing.

Highlights of the New Study

1. New Role as a “Mechanical Chaperone”:

   • The study revealed that p47 does more than just assist p97. It actually enhances the mechanical efficiency of protein extraction from the ER lumen into the cytoplasm.

   • The protein helps in stabilizing polypeptides under stress, guiding them through narrow pores, and reducing the risk of misfolding, which is a key issue in protein-related diseases.

2. Force-Dependent Chaperone Activity:

   • The research provided the first direct, single-molecule evidence that cofactors like p47 can possess autonomous, force-dependent chaperone-like activity.

   • P-47’s ability to stabilize proteins under mechanical stress and its role in the protein translocation process suggest that it is not just a passive helper but plays an active, protective role.

3. Implications for Disease and Therapy:

   • The study suggests that proteins like p47 could be targeted for novel therapeutic strategies, especially for diseases that involve protein instability or misfolding.

   • Such diseases include various neurodegenerative disorders like Alzheimer's and Parkinson's, where protein misfolding plays a critical role in disease progression.

Potential for Future Research and Applications

• This new understanding of p47 as a mechanical chaperone expands the scope of protein homeostasis research.

• By targeting mechanical cofactors like p47, researchers might develop treatments that could prevent protein misfolding and promote correct protein folding, offering potential therapeutic approaches for protein aggregation diseases.

An Assam-based foundation has recently launched the Vulture Network Portal, which aims to raise awareness and provide resources for the conservation of vultures in India. T

About Vulture Network Portal

• The Vulture Network Portal is a cloud-based platform designed to be a comprehensive knowledge and awareness hub focused on the vulture species in India.

• This portal is India's first-ever initiative to build a network of individuals, organizations, and institutions dedicated to vulture conservation.

• The project is led by We Foundation India, supported by various partners, including the Assam Bird Monitoring Network and other environmental organizations.

Key Features of the Portal

1. Knowledge Dissemination:

   • The portal aims to compile scientific information related to vultures, including research, monitoring data, and conservation strategies.

   • It provides freely downloadable outreach materials, making it easy for anyone interested in conducting awareness campaigns about vultures.

2. Awareness Campaign:

   • The primary goal of the portal is to spread awareness about the threats vultures face, especially focusing on carcass poisoning, harmful veterinary drugs (such as diclofenac), and negative social perceptions that contribute to the decline of vulture populations.

   • The portal also focuses on local language dissemination, starting with Assamese, to ensure that awareness reaches a wider audience in areas where vultures are prevalent.

3. Support for Conservation Efforts:

   • The Vulture Network is not only focused on awareness but also works toward mobilizing support for vulture conservation efforts, from grassroots level campaigns to policy advocacy.

Vulture Species Found in India

India is home to several vulture species, many of which are endangered. Some of the most prominent vultures found in India include:

• Slender-billed Vulture: Estimated to have only around 800 mature individuals left.

• White-rumped Vulture

• Red-headed Vulture

• Himalayan Griffon

• Indian Vulture

• Cinereous Vulture

• Eurasian Griffon

• Egyptian Vulture

• Bearded Vulture

Importance of Vulture Conservation

Vultures play an important ecological role as scavengers, helping to dispose of animal carcasses and prevent the spread of diseases. However, the vulture population has sharply declined over the last few decades, primarily due to:

• Carcass poisoning: Often due to carcasses of livestock treated with harmful veterinary drugs like diclofenac, which are fatal to vultures.

• Habitat loss and human-wildlife conflict.

• Negative perceptions of vultures in some regions.

The Vulture Network Portal plays an essential role in countering these threats by providing scientific data, raising awareness, and advocating for policies that protect these vital birds.

Conclusion

The launch of the Vulture Network Portal marks an important milestone in the conservation of vultures in India. By creating a unified platform for information sharing, network building, and awareness campaigns, this initiative aims to reverse the decline in vulture populations and restore the balance in the ecosystem