Daily Current Affairs May 23

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs May 23. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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May 23 | Daily Current Affairs 2024

Banking and Finance – Daily Current Affairs May 23

1. Which organization proposed changes to the BRSR framework?
A) RBI
B) IRDAI
C) SEBI
D) NITI Aayog
E) Ministry of Finance
Answer: C) SEBI

Event and Location:

• Event: Proposal of changes to the BRSR framework
• Location: India

BRSR (Business Responsibility and Sustainability Reporting) Framework:

Proposed Changes:

• ESG Disclosures: Extend to the top 250 listed entities’ value chains.
• Green Credits: Introduction of a system for awarding green credits.
• Redefinition of Value Chain Partners: New definitions for partners involved in ESG disclosures.

SEBI Mandate:

• Reporting Requirement: BRSR reporting mandated for the top 1,000 listed companies from FY22-23 onwards.

Important Terms Explained:

• SEBI (Securities and Exchange Board of India): The regulatory body for securities and commodity markets in India.
• BRSR (Business Responsibility and Sustainability Reporting): A framework for companies to disclose their sustainability and social responsibility efforts.
• ESG (Environmental, Social, and Governance): Criteria used to measure the sustainability and ethical impact of a company’s operations.

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2. Which regulatory body imposed a ₹11.90 crore fine on 19 entities for the ‘pump and dump’ scheme involving Superior Finlease Ltd.?
A) RBI
B) SEBI
C) IRDAI
D) Ministry of Finance
E) NITI Aayog
Answer: B) SEBI

Event and Location:

• Event: SEBI imposes ₹11.90 crore fine on 19 entities for ‘pump and dump’ scheme
• Location: New Delhi, India
• Date: May 23, 2024

Action by SEBI:

• Imposed fines ranging from ₹10 lakh to ₹5 crore on 19 entities.
• Barred 17 entities, including Rajneesh Kumar, Ashish P Shah, and Kirtidan K Gadhavi, from the securities markets for five years.
• Barred Jalaj Agrawal and Arvind Shukla from the securities markets for three years.
• Directed the entities to disgorge unlawful gains worth ₹3.89 crore with 12% interest per annum from September 14, 2021, until the date of payment/impounding.

Nature of the Offense:

• Entities orchestrated a ‘pump and dump’ operation in the scrip of Superior Finlease Ltd. (SFL).
• Mastermind: Rajneesh Kumar, who manipulated the price of SFL’s scrip and offloaded shares at an inflated price to public investors.

Important Terms Explained:

• Pump and Dump Scheme: A fraudulent practice where the price of a stock is artificially inflated (“pumped”) through false or misleading statements to attract investors. Once the stock price is high, the fraudsters sell (“dump”) their shares at the inflated price, causing the stock price to plummet and resulting in significant losses for other investors.
• Disgorge: To surrender profits obtained by illegal or unethical acts, often ordered by regulatory authorities as part of a settlement.

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3. Which global bank acquired a 6.125% equity stake in CCIL IFSC Limited?
A) Citibank
B) Standard Chartered
C) HSBC
D) Deutsche Bank
E) Barclays
Answer: C) HSBC

Event and Location:

• Event: HSBC acquires 6.125% stake in CCIL IFSC Limited
• Location: GIFT City, India
• Date: May 23, 2024

HSBC’s Investment:

• Acquired a 6.125% equity stake in CCIL IFSC Limited.
• The investment value for this transaction was ₹6.125 crore.
• The acquisition strengthens HSBC’s presence in GIFT City, India’s sole international financial services center.

Important Terms Explained:

• CCIL IFSC Limited: A company operating in the International Financial Services Centre (IFSC) at GIFT City, focusing on providing financial services.
• GIFT City (Gujarat International Finance Tec-City): India’s first operational smart city and international financial services center, located in Gujarat.
• Equity Stake: The ownership interest held by a shareholder in a company, represented by the number of shares held.

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Appointments – Daily Current Affairs May 23

4. Who was elected as Vietnam’s new president by the country’s parliament on May 22, 2024?
A) Tran Thanh Man
B) Nguyen Phu Trong
C) To Lam
D) Pham Minh Chinh
E) Tran Quoc To
Answer: C) To Lam

Event and Location:

• Event: Election of Vietnam’s new president
• Location: Hanoi, Vietnam
• Date: May 22, 2024

To Lam’s Role:

• Elected by Vietnam’s parliament as state president
• Expected to continue the anti-corruption campaign “blazing furnace”
• Seen as a potential stepping stone to become the general secretary of the Communist Party

Important Terms Explained:

• Blazing Furnace Campaign: An anti-corruption initiative aimed at rooting out corruption but viewed by critics as a means to sideline political opponents.
• Four Pillars: Refers to the top four political positions in Vietnam – the party chief, the prime minister, the parliament speaker, and the state president.

Additional Points:

• Political Context: The election followed heightened political turbulence and the exit of three top leaders over unspecified wrongdoings.
• Controversies: Lam was involved in a scandal involving a gold-encrusted steak served by “Salt Bae” during COVID-19 lockdown and was linked to the rendition of a business executive from Germany.
• Economic Impact: The anti-corruption drive has deterred foreign investors and caused delays in public administration and foreign aid disbursement.

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5. Who was recently appointed as a Member of the Central Electricity Regulatory Commission?
A) V. Satish Kumar
B) Sujoy Choudhary
C) Ramesh Babu V
D) Ajay Mathur
E) Abhishek Singh
Answer: C) Ramesh Babu V

Event and Location:

• Event: Appointment of Shri Ramesh Babu V as a Member of the Central Electricity Regulatory Commission (CERC)
• Location: New Delhi, India
• Date: May 21, 2024

Role of CERC:

• Regulate the tariff of generating companies owned or controlled by the Central Government.
• Regulate the tariff of other generating companies with a composite scheme for generation and sale of electricity in more than one State.
• Regulate the inter-State transmission of electricity and determine the tariff for inter-State transmission.
• Issue licenses for inter-State transmission and trading.
• Adjudicate disputes and advise the Central Government on the formulation of National Electricity Policy and Tariff Policy.
• Promote competition, efficiency, and economy in the electricity industry.
• Encourage investment in the electricity sector.

Important Terms Explained:

• Central Electricity Regulatory Commission (CERC): Established by the Government of India under the Electricity Regulatory Commissions Act, 1998, and functions under the Electricity Act, 2003. It comprises a Chairperson and three Members, with the Chairperson of the Central Electricity Authority serving as an ex-officio member.
• Tariff Regulation: The process of setting the rates charged by electricity generating and transmission companies, ensuring fair pricing for consumers while allowing companies to cover costs and earn a reasonable return.

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6. Who has been promoted to the position of MD & CEO at IndiaFirst Life Insurance?
A) Rahul Priyadarshi
B) R M Vishakha
C) Rushabh Gandhi
D) Sunny Guglani
E) Sivasubramanian Ramann
Answer: C) Rushabh Gandhi

Event and Location:

• Event: Promotion of Rushabh Gandhi to MD & CEO of IndiaFirst Life Insurance
• Location: India
• Date: Effective July 1, 2024

IndiaFirst Life Insurance:

• Outgoing MD & CEO: R M Vishakha, who will superannuate on June 30, 2024.
• Incoming MD & CEO: Rushabh Gandhi, promoted from his current role as Deputy Chief Executive Officer, effective July 1, 2024.
• Objective: Ensure a smooth leadership transition and continue to drive the company’s growth and success.

Important Terms Explained:

• Superannuation: The process of retiring or being retired from active service, typically upon reaching a certain age or completing a set period of service.
• MD & CEO (Managing Director & Chief Executive Officer): The highest-ranking executive in a company responsible for the overall management and administration.

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Science and Technology – Daily Current Affairs May 23

7. Which body approved the world’s first major Artificial Intelligence law?
A) United Nations
B) European Parliament
C) US Congress
D) European Council
E) World Economic Forum
Answer: D) European Council

Event and Location:

• Event: Approval of the Artificial Intelligence Act
• Location: European Union

Artificial Intelligence Act:

• Objective: To regulate the development and deployment of AI technologies within the European Union, setting a global standard for AI regulation.
• Global Impact: Expected to influence AI regulatory frameworks worldwide.
• Challenges: Frequent AI updates and new releases, such as ChatGPT-4, may necessitate ongoing revisions of the law to stay relevant.

Important Terms Explained:

• Artificial Intelligence Act: The world’s first major AI law approved by the European Council aimed at regulating AI technologies to ensure ethical and safe use.
• European Council: An institution of the European Union comprising the heads of state or government of the member states, setting the EU’s overall political direction and priorities.

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Defence – Daily Current Affairs May 23

8. Who attended the ‘Exercise Cyber Suraksha – 2024’ on May 22, 2024, highlighting the importance of strengthening India’s cyber defence capabilities?
A) Gen Bipin Rawat
B) Gen Anil Chauhan
C) Gen Manoj Mukund Naravane
D) Gen Dalbir Singh Suhag
E) Gen Vijay Kumar Singh
Answer: B) Gen Anil Chauhan

Event and Location:

• Event: Exercise Cyber Suraksha – 2024
• Location: India
• Date: May 20-24, 2024

Objective of Exercise Cyber Suraksha – 2024:

• Enhance the Cyber Defence Capability of all cybersecurity organizations.
• Promote synergy among various military and national agencies.
• Focus on joint collaboration and integration to tackle emerging cyber threats.
• Empower participants by enhancing their cyber defence skills, techniques, and capabilities.
• Share best practices and work towards a unified and robust cyber defence posture.
• Promote jointmanship and synergy in planning and preparation of a Cyber Defence Framework.

Important Terms Explained:

• Cyber Defence Capability: The ability to protect computer systems and networks from cyberattacks, ensuring the integrity, confidentiality, and availability of information.
• Defence Cyber Agency: An agency responsible for managing and coordinating cyber defence operations within the Indian Armed Forces.
• Jointmanship: The integrated effort of different branches of the armed forces to work together efficiently and effectively.

CDS Gen Anil Chauhan’s Role:

• Highlighted the importance of jointness among all stakeholders in the cyber domain.
• Praised the initiative for fostering a collaborative environment to tackle emerging cyber threats.
• Commended participants and staff for their dedication and efforts in organizing the exercise.

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9. Which Indian naval ships recently visited Manila, Philippines as part of the operational deployment of the Eastern Fleet to the South China Sea?
A) INS Vikramaditya, INS Shivalik, INS Sindhurakshak
B) INS Delhi, INS Shakti, INS Kiltan
C) INS Kolkata, INS Sahyadri, INS Chakra
D) INS Viraat, INS Talwar, INS Trikand
E) INS Arihant, INS Kamorta, INS Satpura
Answer: B) INS Delhi, INS Shakti, INS Kiltan

Event and Location:

• Event: Visit of Indian naval ships to Manila, Philippines
• Location: Manila, Philippines
• Date: Part of operational deployment (Posted on May 23, 2024)

Objective of the Visit:

• Demonstrate India’s strong ties with the Philippines.
• Deepen the partnership between India and the Philippines.
• Enhance naval cooperation and interoperability between the two navies.
• Promote peace and stability in the region in line with India’s ‘Act East’ and SAGAR policies.

Activities Conducted:

• Subject Matter Expert Exchange (SMEE): Between the Indian Navy and Philippine Navy personnel.
• Sports Fixtures: Collaborative sports events between the navies.
• Cross Deck Visits: Naval personnel visiting each other’s ships.
• Cultural Exchanges: Sharing of cultural practices and traditions.
• Community Outreach Programmes: Joint initiatives to engage with the local community.

Key Participants:

• R Adm Rajesh Dhankhar, Flag Officer Commanding Eastern Fleet.
• R Adm Renato David, Commander Philippine Fleet.
• V Adm Rolando Lizor Punzalan Jr, Deputy Commandant for Operations, Philippine Coast Guard.
• Vice Adm Toribio Dulinayan Adaci JT, Flag Officer in Command (FOIC), Philippine Navy.

Discussion Points:

• Avenues for collaboration.
• Matters of mutual interest.
• Current security situation in the region and beyond.

Important Terms Explained:

• Eastern Fleet: A part of the Indian Navy responsible for the maritime operations in the eastern part of the Indian Ocean.
• ‘Act East’ Policy: India’s strategy to promote economic, strategic, and cultural relations with the countries of Southeast Asia.
• SAGAR Policy: “Security and Growth for All in the Region,” an Indian initiative aimed at ensuring peace, stability, and prosperity in the Indian Ocean region.

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International Affairs – Daily Current Affairs May 23

10. Which country recently became the 99th member of the International Solar Alliance?
A) Panama
B) India
C) France
D) Spain
E) Germany
Answer: D) Spain

Event and Location:

• Event: Spain becomes the 99th member of the International Solar Alliance
• Location: New Delhi, India

International Solar Alliance (ISA):

• Objective: To increase the deployment of solar energy technologies to enhance energy access, ensure energy security, and drive energy transition in member countries.
• Initiated by: India and France during COP21 in Paris
• Membership: 116 signatories, 94 full members

Spain’s Membership:

• Spain handed over the Instrument of Ratification to become the 99th member.
• Meeting between Spain’s Ambassador to India, Jose Maria Ridao Dominguez, and Head of Depository, Joint Secretary (ED and MER), Ministry of External Affairs (MEA), Abhishek Singh.

Important Terms Explained:

• Instrument of Ratification: A formal document by which a country consents to be bound by an international agreement.
• COP21: The 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), held in Paris in 2015.
• International Solar Alliance (ISA): A coalition of solar resource-rich countries aiming to promote the use of solar energy.

Historical Context:

• India and France launched ISA to promote solar energy deployment.
• ISA aims to support the implementation of the Paris Climate Agreement.

Recent Developments:

• Panama became the 97th member in March 2024.
• The Sixth Assembly of ISA was held in New Delhi from October 30 to November 2, 2023.

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11. Which company exported the premium fuel XP100 to Sri Lanka for the first time?
A) Bharat Petroleum
B) Reliance Industries
C) Hindustan Petroleum
D) IndianOil
E) Adani Group
Answer: D) IndianOil

Event and Location:

• Event: IndianOil exports premium fuel XP100 to Sri Lanka
• Location: Jawaharlal Nehru Port Trust (JNPT), India

Objective of XP100 Export:

• IndianOil aims to become a global energy player by exporting high-quality products like XP100.
• XP100 is tailored for premium high-end vehicles, offering superior performance.
• The export symbolizes IndianOil’s ambition to be recognized for both operational scale and product quality.

Important Terms Explained:

• XP100: A superior 100 octane premium fuel developed domestically by IndianOil using Octamax Technology. It is designed to enhance engine performance, acceleration, drivability, and fuel economy while reducing emissions and engine deposits.
• Octamax Technology: IndianOil’s indigenous technology used to produce high-octane fuel like XP100.
• 100 Octane Fuel: High-performance fuel known for its exceptional anti-knock properties, improving vehicle performance and reducing engine maintenance.

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National Affairs – Daily Current Affairs May 23

12. Which two organizations signed a Memorandum of Understanding (MoU) for helicopter financing in India?
A) Boeing and SBI
B) Airbus Helicopters and SIDBI
C) Lockheed Martin and HDFC Bank
D) Dassault Aviation and ICICI Bank
E) Embraer and Axis Bank
Answer: B) Airbus Helicopters and SIDBI

Event and Location:

• Event: Signing of MoU for helicopter financing
• Location: India

Mandates and Objectives:

• Airbus Helicopters: Provide technical and industry knowledge related to helicopters.
• SIDBI: Evaluate and finance potential civil helicopter operators in India interested in purchasing Airbus helicopters.
• Joint Goal: Make civil helicopters more accessible to operators in India and promote the expansion of the civil helicopter market.

Important Terms Explained:

• MoU (Memorandum of Understanding): A formal agreement between two or more parties to establish a partnership for achieving mutual goals.
• SIDBI (Small Industries Development Bank of India): A financial institution aimed at promoting and developing micro, small, and medium enterprises (MSMEs) in India.

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