Current Affairs 16 March 2019 Digest 1: Lok Sabha Election 2019: Registration of political parties; RBI issues Guidelines to prevent market abuse
Story 1: Lok Sabha Election 2019: Registration of political parties under Section 29A of RPA, 1951
The Election Commission of India (ECI) announced the schedule of the Lok Sabha Election 2019 and elections to the State Assemblies of Andhra Pradesh, Orissa, Arunachal Pradesh on March 10, 2019.
After announcing the elections schedule, the Commission gave one time relaxation and reduced the period to submit application from 30 days to 7 days for the parties who have already published their public notice by March 10, 2019, the date of announcement of election schedule.
Hence, if anybody has any objection with regard to the registration of any political party, he or she may file the objection against that party by March 17, 2019.
Registration of Political party under Section 29A of RPA, 1951
• The Registration of Political parties is governed by the provisions of Section 29A of the Representation of the People Act, 1951.
• A party seeking registration with the ECI needs to submit an application to the Election Commission within a period of 30 days following the date of its formation.
• As per existing guidelines, the applicant association or the registering political party needs to publish proposed Name of the party in two national daily news papers and two local daily newspapers on two days in same news papers.
• This public notice move is aimed at inviting objections, if any, within 30 days of publication of name.
Story 2: RBI issues Guidelines to prevent market abuse
The Reserve Bank of India (RBI) on March 15, 2019 issued the Reserve Bank of India (Prevention of Market Abuse) Directions, 2019, the guidelines to prevent misuse of price-sensitive information for financial instruments by participants in markets.
These directions exclude transactions executed through the recognised stock exchanges and do not apply to banks and the central government.
The guidelines became effective from March 15 itself. Here are the guidelines:
Market Manipulation: Market participants shall not engage in market manipulation and shall not undertake transactions on an Electronic Trading Platform (ETP) that may delay its functioning.
Benchmark Manipulation: Market participants shall not undertake any action to manipulate or influence the calculation of a benchmark rate or a reference rate.
Misuse of information: A market participant that holds the price-sensitive information shall not use it for any material benefit and cannot use it for transacting on their own account. He or she shall not even create or transmit false information that influences the price of any financial instrument.
Reporting to bank: The market participants shall instantly report the market abuse detected by them to the Bank.
Regulatory action for market abuse: Market participants committing market abuse will be denied access to markets for a period that may not exceed one month at a time.