Regulatory Evolution and Market Compliance 2025-26: UPSC Current Affairs Analysis & Study Strategy

In-Depth Analysis

The Big Picture

The 2025-26 landscape represents the transition from 'Ease of Doing Business' to 'Regulatory Efficiency through Digital Mandates.' We are witnessing a shift where the state uses algorithmic transparency (e.g., Fertilizer e-Bill, T+0 settlement) to replace manual oversight. This 'Regulatory State 2.0' prioritizes structural simplification (Four Labour Codes, 100x MSME thresholds) while simultaneously enhancing surgical enforcement capabilities in high-stakes areas like GAAR, PMLA, and SEBI scrutiny.

Cross-Theme Insight

The unifying principle is 'Digital Frictionless Compliance.' By integrating UPI-verified securities handles with SEBI and automating fertilizer subsidy disbursal via the e-Bill system, the government is decoupling regulation from bureaucracy. However, the 'Trust-but-Verify' approach is underscored by the 2026 legal clarification that GAAR (General Anti-Avoidance Rules) takes precedence over tax treaties, signaling that the state will defend its fiscal jurisdiction despite liberalizing operational norms.

Textbook vs Reality Gap

Standard textbooks like Nitin Singhania (p. 392) or Vivek Singh (p. 261) still categorize the Four Labour Codes as 'recently enacted' or 'awaiting notification.' However, the 2025-26 reality is one of full implementation, specifically the operationalization of the 300-worker threshold for industrial layoffs without prior government approval. Similarly, the 2026 pivot toward a domestic-production-centric fertilizer security model (reaching 73% self-sufficiency) has rendered the older 'Urea NBS proposal' debate (Vivek Singh p. 291) secondary to the actual implementation of the Fertilizer e-Bill system.

How This Theme Is Evolving

Regulatory evolution has moved from 'Piecemeal Amendment' (1990s-2010s) to 'Systemic Codification' (2020-2024) and now to 'Algorithmic Enforcement' (2025 onwards). This trajectory aims for 'One Nation, One Standard' (BIS) and jurisdiction-neutral justice (Zero FIR), reducing the 'Inspector Raj' while increasing the 'Data Raj'.

UPSC Exam Intelligence

Previous Year Question Pattern

Exams consistently test the statutory vs. constitutional nature of bodies like QCI (IAS 2017), FSSAI (IAS 2018), and IBBI (CDS 2022). Economic components of subsidies (NBS vs Urea) are perennial favorites (IAS 2020). Recent shifts show a focus on granular provisions of the new codes, such as the Occupational Safety Code's inclusion of the Factories Act (CDS-II 2022), suggesting that the 2025 implementations are now high-priority for both Prelims and Mains.

Probable Prelims Angles

• The '300 workers' threshold under the Industrial Relations Code 2020 for retrenchment notice.
• The statutory mandate of the Quality Council of India (QCI) as a joint industry-government body.
• Mechanism of Zero FIR: Filing regardless of territorial jurisdiction for cognizable offenses.
• Regulatory status of 'Instant Settlement' (T+0) and ASBA-like mechanisms in secondary market trading.
• The use of Fertilizer e-Bills to track 'last-mile' subsidy reaching the farmer's soil-health card linked account.

Preparation Strategy

Key Connections

Sub-Themes and News Coverage (24 themes, 103 news items)

Regulatory Framework and Operational Compliance

Focus: Structural changes to food safety laws, operational compliance mandates for businesses (disposal, licensing, e-commerce), and standard amendments.

UPSC Value: Essential for tracking the evolving legal landscape of the Food Safety and Standards Act and its operational implications for the industry.

11 news items in this theme:

• 2026-02-23 [Schemes & Programs] — FSSAI Intensifies Surveillance Against Food Adulteration Before Holi
  The Food Safety and Standards Authority of India (FSSAI) has directed state food commissioners to increase surveillance and take strict actions against adulteration in milk products and cooking oils ahead of the Holi festival. The FSSAI has announced a special drive called "Holi- Anti-Adulteration Drive - 2026" and has asked food safety officers and food inspectors to conduct increased inspections, sampling and testing in hotspots.
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  UPSC Angle: FSSAI intensifies surveillance against food adulteration before Holi.

  Key Facts:

  • FSSAI has asked state food commissioners to increase surveillance and take strict actions against adulteration in milk products and cooking oils.
  • A special drive – Holi: Anti-adulteration drive 2026 has been announced.
  • The sampling outcomes should be updated on FoSCoS and FoSCoRIS platforms by March 31, 2026.
• 2026-02-20 [Schemes & Programs] — FSSAI Appoints Food Safety Officers for Fortified Rice
  FSSAI has appointed 85 new Food Safety Officers (FSOs) specifically for Fortified Rice Kernel, strengthening enforcement and monitoring mechanisms. The appointments, effective from the date of publication in the Official Gazette, expand the list of designated FSOs to ensure regulatory oversight and compliance under the Food Safety and Standards Act, 2006.
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  UPSC Angle: FSSAI appoints Food Safety Officers for Fortified Rice.

  Key Facts:

  • FSSAI notified 85 new Food Safety Officers (FSOs) for Fortified Rice Kernel.
  • The notification amends the principal notification published on July 2, 2025.
  • The appointments are made under Sub-Section (5) of Section 10 read with Section 37 of the Food Safety and Standards Act, 2006.
  • The new entries are inserted from Serial No. 370 to 454 in the existing table of notified officers.
• 2026-02-14 [Polity & Governance] — Supreme Court directs FSSAI to consider front-of-pack warning labels
  The Supreme Court has directed the Food Safety and Standards Authority of India (FSSAI) to consider implementing front-of-pack warning labels on packaged foods high in sugar, salt, and saturated fat to enhance consumer awareness. The court has asked FSSAI to present a concrete action plan within four weeks.
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  UPSC Angle: SC directs FSSAI to consider front-of-pack warning labels.

  Key Facts:

  • FSSAI directed to consider front-of-pack warning labels
  • Targeted items: packaged foods high in sugar, salt, and saturated fat
  • Direction issued on February 14, 2026
  • FSSAI has four weeks to revert with a plan of action
  • Justices JB Pardiwala and KV Viswanathan are involved
• 2026-02-14 [Polity & Governance] — Madras HC directs FSSAI to warn consumers about microplastics in packaged products
  The Madras High Court has directed the Union Ministry of Health and Family Welfare and the Food Safety and Standards Authority of India (FSSAI) to ensure consumers are warned about the possible presence of microplastics and nanoplastics in packaged sugar, drinking water, and salt. Labels must clearly mention the possible presence of microplastics in a red font of size 10.
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  UPSC Angle: Madras HC directs FSSAI to warn about microplastics in packaged products.

  Key Facts:

  • Madras High Court directs warning labels on packaged sugar, water, and salt
  • Warning about possible presence of microplastics and nanoplastics
  • Labels must mention: 'This water may contain micro/nano plastics' or 'This salt/sugar may contain micro/nano plastics'
  • Red color font of size 10
  • FSSAI to issue notification within four weeks
  • FSSAI to submit status report by April 10, 2026
  • Justices N. Sathish Kumar and D. Bharatha Chakravarthy
• 2026-02-01 [Polity & Governance] — FSSAI to Enforce Stricter Food Safety Standards from February 1, 2026
  The Food Safety and Standards Authority of India (FSSAI) is implementing new product amendments starting February 1, 2026, to strengthen food safety standards and align with global benchmarks. These include revised refractive index for edible oils, safety parameters for meat sausages, specifications for dehydrated tarragon, pack size revisions for packaged drinking water, and updates to food additive regulations. Food businesses must adjust formulations, testing methods, and labeling to comply.
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  UPSC Angle: FSSAI to enforce stricter food safety standards from February 1, 2026.

  Key Facts:

  • Effective date: February 1, 2026
  • Revised FSSAI Refractive Index for Edible Oils
  • New FSSAI Regulatory Standards for Meat Sausages (smoked, fresh, cooked, or fermented types)
  • New FSSAI Standard for Dehydrated Tarragon (Vilayati Damnak)
  • FSSAI Packaged Drinking Water: Pack Size Revisions (Adjusted SKU volume limits, such as 75 ml to 500 ml range under certain serial numbers)
  • Food manufacturers must adjust formulations, testing methods, and labelling
  • Food importers should validate product conformity before shipment
• 2025-11-07 [Polity & Governance] — FSSAI Draft Amendment Regulations 2025
  FSSAI released a draft notification outlining major changes to the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011. The proposed changes, which are included in the regulations for the 2025 amendment, are intended to improve food safety by modernizing standards in a number of areas, such as dairy products, drinking water, and food additives.
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  UPSC Angle: FSSAI draft amendment regulations 2025 released.

  Key Facts:

  • Draft Food Safety and Standards (Alcoholic Beverages) Amendment Regulations, 2025 relating to standards for special wine
  • Online Comments
• 2025-11-04 [Environment & Ecology] — FSSAI Issues Advisory on Disposal of Seized/Expired Food
  The Food Safety and Standards Authority of India (FSSAI) issued an advisory regarding the environmentally sound disposal of seized, rejected, or expired food items, including packaging, in rivers, lakes, natural water bodies, or open lands, as this poses health risks, could result in misuse, and causes environmental harm. The FSSAI directs all Designated Officers, Food Safety Officers, and enforcement teams to follow the procedure for proper handling and disposal to prevent any recurrence of such incidents and to maintain full compliance with the prescribed norms. States/UTs must submit monthly disposal compliance reports to FSSAI by the 5th of the following month, flagging any deviations.
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  UPSC Angle: FSSAI advisory on disposal of seized/expired food items.

  Key Facts:

  • FSSAI advisory on environmentally compliant disposal of seized, rejected, and expired food items
  • Disposal into rivers, lakes, natural water bodies, or open lands is strictly prohibited
  • Designated Officers must identify suitable facilities for incineration/manuring/composting
  • Coordinate with State Pollution Control Boards for high-volume disposals
  • States/UTs must submit monthly disposal compliance reports to FSSAI by the 5th of the following month
  • Compliance reports must flag any deviations
  • Based on Food Safety and Standards Act, 2006
• 2025-10-31 [Polity & Governance] — FSSAI's Strategy for Transforming India's Food Retail Ecosystem
  The Food Safety and Standards Authority of India (FSSAI) revealed its strategy to modernize the food retail ecosystem by focusing on trust, innovation, and consumer well-being. FSSAI aims to modernize food safety standards while supporting businesses in adopting technology-driven, transparent, and sustainable retail practices. The initiative includes integrating smart monitoring systems, promoting digital compliance tools, and collaborating with retailers to promote innovation in food delivery and packaging.
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  UPSC Angle: FSSAI's strategy to modernize India's food retail ecosystem.

  Key Facts:

  • FSSAI
  • digital traceability
  • stricter quality checks
  • responsible retail operations
  • smart monitoring systems
  • real-time data analytics
  • digital compliance tools
  • licensing
  • labeling
  • supply-chain management
  • Eat Right India initiative
• 2025-07-21 [Polity & Governance] — FSSAI Warns E-commerce Platforms on Food Safety Compliance
  The Food Safety and Standards Authority of India (FSSAI) has issued a warning to e-commerce platforms to strictly adhere to food safety regulations, including proper licensing, labeling, and packaging under the Food Safety and Standards Act, 2006. Non-compliance may lead to penalties such as suspension of operations, financial penalties, and legal proceedings.
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  UPSC Angle: FSSAI warns e-commerce platforms on food safety compliance.

  Key Facts:

  • FSSAI
  • E-commerce platforms
  • Food safety regulations
  • Licensing
  • Labeling
  • Packaging
  • Food Safety and Standards Act, 2006
  • Suspension of operations
  • Financial penalties
  • Legal proceedings
• 2025-05-16 [Schemes & Programs] — FSSAI Mandates Closure Reports for Expired Licenses
  The Food Safety and Standards Authority of India (FSSAI) has directed all Food Business Operators (FBOs) to submit a closure report or declare their status on the FoSCoS portal if their licenses or registrations expired during FY 2024-25. This aims to increase compliance and transparency by tracking operational food enterprises and preventing the misuse of expired permits. Failure to comply will be considered a breach of the Food Safety and Standards Act, 2006, potentially resulting in fines.
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  UPSC Angle: FSSAI mandates closure reports for expired licenses.

  Key Facts:

  • FSSAI: Food Safety and Standards Authority of India
  • FBOs: Food Business Operators
  • FY: 2024-25
  • FoSCoS: Food Safety Compliance System
  • Food Safety and Standards Act, 2006: Section 31 violation for operating with an expired license
  • Section 63: potential fine of up to Rs 10 for violations
• 2025-04-07 [Polity & Governance] — FSSAI Stakeholder Meeting on Proposed Food Standards
  The Food Safety and Standards Authority of India (FSSAI) convened a meeting with stakeholders on April 7, 2025, in New Delhi to discuss proposed new standards and amendments to existing standards under various Food Safety and Standards Regulations, aiming to involve stakeholders in the formulation process and gather their views on the proposed changes, which have already been discussed in the Scientific Panels and Scientific Committee of the FSSAI. The meeting covered topics such as amendments to regulations for dairy products, revision of standards for pickles, and new standards for makhana products, chilgoza nuts, papain, and dried figs.
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  UPSC Angle: Not exam-relevant

  Key Facts:

  • Meeting held on: April 7, 2025
  • Location: FSSAI, FDA Bhawan, Kotla Road, New Delhi - 110002
  • Time: 11:00 AM
  • Topics discussed: Amendments to FSS (Food Products Standards and Food Additives) Regulations, 2011, Regulation 2.1 (Dairy Products and Analogues), revision of Standard for Pickles (sub-regulation 2.3.43), New standards for Makhana Products, Chilgoza Nuts, Papain, and Dried Figs, New standards for Juniper Berries
  • Online meeting link: https://fssai-hq.webex.com/fssai-hq/j.php?MTID=m4ef1b5c9d39d1548b164dd544cc4a591
  • Online Meeting number: 2511 424 9033
  • Online Meeting password: FOODSAFETY

Evolution of India's Quality and Metrology Infrastructure

Focus: Legislative, operational, and technical developments concerning the Bureau of Indian Standards (BIS) and Legal Metrology under the Ministry of Consumer Affairs.

UPSC Value: Useful for understanding the regulatory framework governing quality standards, consumer protection, and the 'One Nation, One Standard' initiative.

9 news items in this theme:

• 2026-01-07 [Polity & Governance] — Bureau of Indian Standards (BIS)
  The Bureau of Indian Standards (BIS) is the National Standard Body of India established under the BIS Act 2016. It was created for the harmonious development of standardization, marking, and quality certification of goods, succeeding the Indian Standards Institution (ISI). BIS represents India in the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).
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  UPSC Angle: BIS is India's National Standards Body established under the BIS Act 2016.

  Key Facts:

  • Established under the BIS Act 2016
  • Successor of the Indian Standards Institution (ISI), which was created in 1947
  • Represents India in International Organization for Standardization (ISO)
  • Represents India in International Electrotechnical Commission (IEC)
• 2025-12-14 [Economy] — BIS Support to MSMEs
  The Bureau of Indian Standards (BIS) has introduced relaxations to support Micro, Small, and Medium Enterprises (MSMEs), including concessions in minimum marking fees. These concessions are 80% for Micro, 50% for Small, and 20% for Medium enterprises, with an additional 10% concession for units in North-East India and for women-led MSMEs.
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  UPSC Angle: BIS relaxations to support MSMEs, including concessions in marking fees.

  Key Facts:

  • Bureau of Indian Standards (BIS)
  • MSMEs
  • Minimum marking fees concessions
  • 80% for Micro enterprises
  • 50% for Small enterprises
  • 20% for Medium enterprises
  • Additional 10% concession for North-East India units
  • Additional 10% concession for women-led MSMEs
• 2025-12-08 [Polity & Governance] — Draft ISI Bill Concerns
  Concerns exist over the draft ISI Bill 2025, intended to replace the BIS Act for quality standards, with critics fearing over-regulation and stifling of SMEs. Issues include mandatory certification for 200+ products and penalties up to ₹10 lakh.
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  UPSC Angle: Concerns exist over the draft ISI Bill 2025.

  Key Facts:

  • Mandatory certification for 200+ products.
  • Penalties up to ₹10 lakh.
• 2025-11-29 [Geography] — India Revises Earthquake Design Code, 2025
  The Bureau of Indian Standards has released India's new earthquake zonation map of 2025. The India Revised Earthquake Design Code, 2025, enforces building codes, zoning laws, CRZ norms and floodplain regulation strictly. It has improved Forecast & Early Warning through the use of satellites, Doppler radars and SMS alerts.
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  UPSC Angle: India revises earthquake design code and zonation map in 2025.

  Key Facts:

  • Agency: Bureau of Indian Standards
  • Name: India Revised Earthquake Design Code, 2025
  • Focus: building codes, zoning laws, CRZ norms and floodplain regulation strictly
  • Technology: Use of satellites, Doppler radars and SMS alerts
• 2025-10-14 [Polity & Governance] — World Standards Day Programme Held
  Shri Pralhad Joshi, the Union Minister for Consumer Affairs, Food and Public Distribution and New & Renewable Energy lead the World Standards Day programme on 14th October 2025. The event was organized by the Bureau of Indian Standards (BIS), under the Ministry of Consumer Affairs, Food and Public Distribution, Government of India.
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  UPSC Angle: Not exam-relevant

  Key Facts:

  • Event: World Standards Day programme
  • Lead by Shri Pralhad Joshi, Union Minister for Consumer Affairs, Food and Public Distribution and New & Renewable Energy
  • Organized by the Bureau of Indian Standards (BIS)
  • Release of the National Lighting Code of India 2025
  • Launch of the Learning Management System (LMS) and the Online Standards Development (OSD) Module on the BIS Standards Portal.
• 2025-09-05 [Economy] — Revised Silver Hallmarking System
  The revised BIS standard IS 2112:2025 adds new purity grades and a digital, simplified hallmark system including a Hallmarking Unique Identification (HUID) code to strengthen consumer protection and align silver hallmarking with the gold system. There are over 230 recognized Assaying and Hallmarking Centres nationwide.
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  UPSC Angle: Revised silver hallmarking system with HUID code.

  Key Facts:

  • Standard: IS 2112:2025
  • Features: New purity grades, digital hallmark system, HUID code
  • Objective: Strengthen consumer protection
  • Number of Assaying and Hallmarking Centres: 230+
• 2025-06-19 [Polity & Governance] — Proposed Legal Metrology (Indian Standard Time) Rules
  The Union Consumer Affairs Ministry announced that the proposed Legal Metrology (Indian Standard Time) Rules will make synchronising all legal, administrative, and commercial activities with IST mandatory. The initiative aims to provide highly accurate Indian Standard Time (IST) using five Regional Reference Standard Laboratories with atomic clocks and secure protocols like NTP (Network Time Protocol) and PTP (Precision Time Protocol), promoting digital and administrative efficiency under the 'One Nation, One Time' vision.
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  UPSC Angle: Proposed Legal Metrology (Indian Standard Time) Rules.

  Key Facts:

  • The move aims to enhance digital security, ensure accurate utility billing, reduce cybercrime risks, and synchronise timekeeping across sectors.
  • There is strategic importance of uniform IST usage across sectors like finance, telecom, power, and transport, prohibiting unauthorised time references.
  • Legal Metrology (IST) Rules, 2025
  • 5 Regional Reference Standard Laboratories (RRSLs)
  • CSIR-NPL
  • ISRO
• 2025-05-28 [Economy] — World Metrology Day 2025
  The Department of Consumer Affairs marked World Metrology Day 2025, commemorating 150 years since the signing of the Metre Convention (1875). India joined the Metre Convention in 1957 after enacting the Standards of Weights and Measures Act, 1956. As of 2025, India became the 13th country authorized to issue OIML certificates.
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  UPSC Angle: World Metrology Day 2025: 150 years of the Metre Convention.

  Key Facts:

  • World Metrology Day 2025 commemorates 150 years since the signing of the Metre Convention (1875).
  • India joined the Metre Convention in 1957.
  • India enacted the Standards of Weights and Measures Act, 1956.
  • India became the 13th country authorized to issue OIML certificates in 2025.
• 2025-03-24 [Economy] — BIS Standards
  The BIS Act, 2016 empowers BIS to certify products and systems in India, but the standards are not mandatory for all industries. The ISI mark is compulsory for certain categories, especially those related to safety and quality control, and BIS operates as an autonomous body under the Ministry of Consumer Affairs.
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  UPSC Angle: BIS Act, 2016 empowers BIS to certify products and systems.

  Key Facts:

  • BIS Act, 2016 empowers BIS to certify products and systems in India
  • BIS operates as an autonomous body under the Ministry of Consumer Affairs
  • ISI mark is compulsory for certain categories of products

Fertilizer Subsidy Administration and Market Regulation

Focus: A cluster of items tracking the financial, regulatory, and operational management of India's fertilizer sector, specifically focusing on subsidy disbursal, budget allocation, and enforcement against malpractice.

UPSC Value: Highlights the government's multi-pronged approach to fertilizer security involving fiscal budgeting, digital governance (e-Bill), and regulatory enforcement.

7 news items in this theme:

• 2026-02-17 [Agriculture] — Fertiliser sector data
  In FY 2024-25, total fertiliser consumption stood at approximately 65.3 million tonnes (mt), with Urea alone accounting for roughly 40 mt. In January 2026, India recorded its highest-ever monthly P&K (Phosphatic and Potassic) production of 15.76 lakh metric tonnes. The fertiliser subsidy allocation for 2026-27 is earmarked at ₹1.71 lakh crore.
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  UPSC Angle: Fertilizer consumption data for FY25 and January 2026.

  Key Facts:

  • Fertiliser consumption (FY 2024-25): 65.3 million tonnes (Urea: 40 mt)
  • Highest-ever monthly P&K production (January 2026): 15.76 lakh metric tonnes
  • Fertiliser subsidy allocation (2026-27): ₹1.71 lakh crore
  • Import Dependency: India remains heavily dependent on imports for raw materials, including 100% of its Potash and nearly 90% of its Phosphates
• 2026-02-17 [International Relations] — India-France Defence Dialogue
  Raksha Mantri Shri Rajnath Singh will co-chair the 6th India-France Annual Defence Dialogue with Ms Catherine Vautrin, Minister of Armed Forces and Veterans Affairs of France, in Bengaluru, Karnataka on 17 February 2026. The dialogue will review the entire spectrum of bilateral defence cooperation, with a focus on expanding industrial collaboration.
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  UPSC Angle: Not exam-relevant

  Key Facts:

  • 6th India-France Annual Defence Dialogue will be co-chaired by Raksha Mantri Shri Rajnath Singh and Ms Catherine Vautrin
  • Location: Bengaluru, Karnataka
  • Focus: Expanding industrial collaboration
• 2026-01-10 [Economy] — India Aims for Fertilizer Security
  India has achieved an all-time high fertilizer production of 524.62 lakh tonnes in 2025, meeting nearly 73% of its total fertilizer demand through domestic supply, fertilizer security refers to ensuring the timely and affordable availability of fertilizers to farmers by reducing import dependence and strengthening domestic supply chains.
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  UPSC Angle: India aims for fertilizer security.

  Key Facts:

  • Fertilizer production reached 524.62 lakh tonnes in 2025
  • Domestic supply meets 73% of total fertilizer demand
• 2026-01-07 [Agriculture] — NBS Rates Approved for Rabi Season 2025-26
  The Government of India approved Nutrient-Based Subsidy (NBS) rates for the Rabi 2025–26 season, effective from October 1, 2025, to March 31, 2026, for Phosphatic and Potassic (P&K) fertilizers. The government has estimated a budgetary requirement of Rs. 37,952.29 crore for the Rabi 2025–26 season. The DAP subsidy has been raised to Rs 29,805 per metric tonne.
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  UPSC Angle: Government approves Nutrient-Based Subsidy (NBS) rates for Rabi 2025-26 season.

  Key Facts:

  • Effective period: October 1, 2025 to March 31, 2026.
  • Budgetary requirement: Rs. 37,952.29 crore.
  • Nitrogen (N): Rs. 43.02 per kg.
  • Phosphorus (P): Rs. 47.96 per kg.
  • DAP subsidy: Rs 29,805 per metric tonne.
• 2026-01-02 [Schemes & Programs] — E-Bill System Launched for Fertiliser Subsidies
  The Union Government has launched an integrated e-Bill System to digitally process fertiliser subsidies worth approximately ₹2 lakh crore. This end-to-end digital platform replaces the manual, paper-based workflow for submission, processing, tracking, and payment of fertiliser subsidy bills. The aim is to ensure timely, transparent, and accountable disbursal of subsidies while strengthening financial control and auditability.
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  UPSC Angle: Integrated e-Bill System launched for fertiliser subsidies.

  Key Facts:

  • Integrated e-Bill System launched
  • Fertiliser subsidies worth ₹2 lakh crore to be processed digitally
  • Replaces manual, paper-based workflow
  • Ministry involved: Ministry of Chemicals and Fertilizers
  • Aims to ensure timely, transparent, and accountable disbursal
• 2025-12-09 [Economy] — Government cancels fertilizer firms' licenses for malpractices
  The government has canceled 5,371 licenses of fertilizer firms for black marketing, hoarding, and distributing substandard material, according to Union Minister of Chemicals and Fertilisers Jagat Prakash Nadda in the Rajya Sabha.
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  UPSC Angle: Government cancels fertilizer firms' licenses for black marketing and substandard material.

  Key Facts:

  • 5,371 licenses of fertiliser firms cancelled
  • Reasons: black marketing, hoarding, distributing substandard material
  • Union Minister of Chemicals and Fertilisers: Jagat Prakash Nadda
  • Rajya Sabha
• 2025-03-24 [Schemes & Programs] — Under-funding of Nutrient Subsidy Schemes
  The Parliamentary Standing Committee on Chemicals and Fertilizers has warned the Ministry of Fertilizers against under-funding nutrient subsidy schemes. The Department of Fertilizers projected an outlay of ₹1,84,704.63 crore for 2025-26, but the Ministry of Finance reduced this by 7.38% to ₹1,71,082.44 crore. This reduction affects both the Nutrient-Based Subsidy (NBS) and Urea Subsidy Schemes.
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  UPSC Angle: Under-funding of nutrient subsidy schemes may affect agricultural output.

  Key Facts:

  • Outlay reduction of 7.38% by the Ministry of Finance.
  • Original projection: ₹1,84,704.63 crore.
  • Revised outlay: ₹1,71,082.44 crore.
  • Underutilisation of funds during 2024-25: Indigenous phosphorus & potassium fertilizers: 20% underutilized; Imported phosphorus & potassium fertilizers: 12% underutilized; Indigenous urea: 14.76% underutilized; Market Development Assistance (MDA): 59.57% underutilized.

Institutional Framework of Indian Regulatory and Promotional Bodies

Focus: Items describing the establishment, nodal ministry, and specific mandates of various statutory, autonomous, and regulatory bodies in India.

UPSC Value: Essential for General Studies Paper II (Statutory, Regulatory and various Quasi-judicial bodies) to understand the administrative structure of governance.

6 news items in this theme:

• 2026-01-07 [Economy] — AEPC Chairman Appointment and Functions
  A Sakthivel has been appointed as the chairman of the Apparel Export Promotion Council (AEPC) for his fifth term. Established in 1978 under the Foreign Trade (Development and Regulation) Act of 1992, AEPC operates under the Ministry of Textiles and aims to promote Indian garment exports. The council facilitates exports, conducts market research, organizes trade fairs, advocates for policy changes, and provides skill development.
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  UPSC Angle: AEPC promotes apparel exports; established under Foreign Trade Act, 1992.

  Key Facts:

  • Established in 1978
  • Established under the Foreign Trade (Development and Regulation) Act, 1992
  • Operates under the Ministry of Textiles, Government of India
  • Headquartered in Gurgaon, Haryana
  • Central Government representatives
  • Exporters
  • Industry Associations
  • A Sakthivel appointed as AEPC chairman for his fifth term.
  • AEPC established in 1978 under the Foreign Trade (Development and Regulation) Act of 1992.
  • AEPC operates under the Ministry of Textiles.
  • AEPC is headquartered in Gurgaon, Haryana.
  • AEPC facilitates the export of Indian-made garments worldwide.
• 2025-12-26 [Polity & Governance] — Quality Council of India (QCI)
  The Quality Council of India (QCI) was established in 1997 by the Government of India along with ASSOCHAM, CII, and FICCI and functions under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. It works as the national accreditation body and has been established to create a mechanism for independent third-party assessment of products, services, and processes.
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  UPSC Angle: Quality Council of India (QCI) established in 1997.

  Key Facts:

  • The Quality Council of India (QCI) was established in 1997.
  • QCI was jointly set up by the Government of India, ASSOCHAM, CII, and FICCI.
  • QCI functions under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
  • QCI is a non-profit autonomous organisation registered under the Societies Registration Act, 1860.
• 2025-12-21 [Economy] — Competition Commission of India
  The Competition Commission of India (CCI) is a statutory body established in March 2009 under the Competition Act, 2002, with the aim to promote fair competition, protect consumer interests, and ensure freedom of trade in the markets of India. The CCI's priority is to eliminate practices having adverse effects on competition, promote and sustain competition, protect the interests of consumers, and ensure freedom of trade in the markets of India. The Nodal Ministry is the Ministry of Corporate Affairs and the Headquarters are in New Delhi.
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  UPSC Angle: CCI promotes fair competition, protects consumer interests, ensures freedom of trade.

  Key Facts:

  • Established: March 2009
  • Act: Competition Act, 2002
  • Nodal Ministry: Ministry of Corporate Affairs
  • Headquarters: New Delhi
• 2025-07-15 [Polity & Governance] — Appointment at National Medical Commission (NMC)
  Dr. Abhijat Sheth has been appointed as the new chairperson of the National Medical Commission (NMC), succeeding Dr. Suresh Gangadhar. The NMC was established in 2020, replacing the Medical Council of India (MCI), and is the apex regulatory body for medical education and practice in India under the Ministry of Health and Family Welfare.
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  UPSC Angle: Dr. Abhijat Sheth appointed as the new chairperson of NMC.

  Key Facts:

  • New chairperson of NMC: Dr. Abhijat Sheth
  • Predecessor: Dr. Suresh Gangadhar
  • Establishment: 2020 (replaced MCI)
  • Apex regulatory body for medical education and practice in India
  • Under: Ministry of Health and Family Welfare
• 2025-07-13 [Economy] — Software Technology Parks of India (STPI)
  The Software Technology Parks of India (STPI) was established in 1991 as an autonomous society under the Ministry of Electronics and Information Technology (MeitY). STPI aims to promote software exports from the country and implements the Software Technology Park (STP) scheme and Electronics Hardware Technology Park (EHTP) scheme for IT/ITES industry promotion. STPI facilitates software development, export, and compliance with regulatory requirements.
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  UPSC Angle: STPI promotes software exports under MeitY.

  Key Facts:

  • STPI established in 1991
  • STPI under Ministry of Electronics and Information Technology (MeitY)
  • Primary objective: To promote software exports from India
  • Implements Software Technology Park (STP) scheme
  • Implements Electronics Hardware Technology Park (EHTP) scheme
• 2025-06-11 [Economy] — Financial Stability and Development Council (FSDC)
  The Financial Stability and Development Council (FSDC) is an apex-level non-statutory body established in December 2010, chaired by the Union Finance Minister, and includes top financial officials. It addresses financial stability, sector development, inter-regulatory coordination, financial literacy, inclusion, and supervision of large financial entities.
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  UPSC Angle: FSDC is a non-statutory body chaired by the Union Finance Minister.

  Key Facts:

  • Established: December 2010
  • Nature: Apex-level non-statutory body
  • Chair: Union Finance Minister
  • Members: RBI Governor, Finance Secretary, Chief Economic Adviser, heads of SEBI, IRDAI, and PFRDA
  • Functions: Financial stability, sector development, inter-regulatory coordination, financial literacy, inclusion, and supervision of large financial entities

SEBI Market Regulation and Operational Reforms

Focus: A series of specific policy frameworks and operational changes introduced by SEBI to modernize market mechanisms (UPI, Rights Issues, FPIs).

UPSC Value: Useful for tracking the evolution of India's financial market infrastructure and ease of doing business reforms.

6 news items in this theme:

• 2025-12-11 [Economy] — SEBI Defers Implementation of Nomination Framework
  The Securities and Exchange Board of India (SEBI) has postponed the third phase implementation of its nomination framework for the securities market, which was initially scheduled for December 15. A new date will be announced later, citing operational challenges faced by depositories and stakeholders.
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  UPSC Angle: SEBI defers implementation of nomination framework for securities market.

  Key Facts:

  • Securities and Exchange Board of India (SEBI)
  • Nomination framework
  • December 15 (initial implementation date)
  • Operational challenges
• 2025-09-13 [Economy] — SEBI Market Reforms for FPIs and IPOs
  SEBI announced reforms to enhance foreign investment inflows, ease IPO norms, and strengthen governance. The reforms include the SWAGAT-FI framework for foreign investors, relaxed IPO dilution norms for large companies, and measures to improve retail participation in mutual funds.
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  UPSC Angle: SEBI reforms aim to boost FPI inflows and ease IPO norms.

  Key Facts:

  • SWAGAT-FI framework
  • Single Window Automatic & Generalised Access for Trusted Foreign Investors
  • 10-year registration and KYC cycle
  • Exemption from the 50% cap on aggregate contributions by NRIs, OCIs, and resident Indians
  • Rs. 63,500 crore foreign outflows since July 2025
  • Companies with Rs. 1-5 lakh crore market cap must now offer 2.75-2.8% of their post-issue market cap
  • MPO size threshold raised to Rs. 6,250 crore
  • Exit load in mutual funds reduced to 3% from 5%
• 2025-06-12 [Economy] — SEBI mandates verified UPI handles for securities market intermediaries
  SEBI announced that all registered intermediaries in the securities market must use verified UPI handles to enhance investor safety and build trust in digital financial transactions. Effective October 1, 2025, the framework counters impersonation and payment fraud in online investment platforms. A digital verification tool named “SEBI Check,” also introduced, marks a significant regulatory intervention to strengthen the integrity and transparency of India's market payment systems.
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  UPSC Angle: SEBI mandates verified UPI handles for securities market intermediaries.

  Key Facts:

  • Only verified UPI handles ending in “@valid” will be permitted.
  • Existing UPI IDs can be used until December 11, 2026.
  • NPCI will verify and allocate the new UPI addresses.
  • Around 8,000 to 9,000 intermediaries are expected to transition to the new system.
  • Effective date: October 1, 2025
  • Verified handles will end in “@valid”
  • UPI addresses will be verified and allocated by the National Payments Corporation of India (NPCI)
  • Around 8,000 to 9,000 intermediaries are expected to transition
  • Existing UPI IDs can continue until December 11, 2026, after which they will be deactivated
• 2025-05-17 [Economy] — IEPFA & SEBI Launched 'Niveshak Shivir' to Help Investors Reclaim Unclaimed Dividends & Shares
  The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs (MCA), in collaboration with the Securities and Exchange Board of India (SEBI), conducted a strategic preparatory meeting in Mumbai to launch 'Niveshak Shivir', a nationwide initiative aimed at helping investors reclaim unclaimed shares and dividends.
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  UPSC Angle: IEPFA & SEBI launched 'Niveshak Shivir' to help investors reclaim dividends.

  Key Facts:

  • Launched by IEPFA (under the Ministry of Corporate Affairs) and SEBI
  • Aims to help investors reclaim unclaimed shares and dividends
  • Investor Education and Protection Fund Authority (IEPFA)
  • Ministry of Corporate Affairs (MCA)
  • Securities and Exchange Board of India (SEBI)
  • Launched 'Niveshak Shivir', a nationwide initiative aimed at helping investors reclaim unclaimed shares and dividends
• 2025-04-08 [Economy] — Framework for Registration of Performance Validation Agency
  Securities and Exchange Board of India (SEBI) issued operational framework for a performance validation agency called the Past Risk and Return Verification Agency (PaRRVA) in April 2025. This framework aims to prevent misleading claims about past performance in advertisements related to financial products by research analysts (RAs), investment advisors (IAs), and stock brokers.
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  UPSC Angle: SEBI issues framework for performance validation agency (PaRRVA).

  Key Facts:

  • Issued by: Securities and Exchange Board of India (SEBI)
  • Agency: Past Risk and Return Verification Agency (PaRRVA)
  • Objective: To prevent misleading claims about past performance in advertisements related to financial products
• 2025-03-13 [Economy] — Securities and Exchange Board of India (SEBI)
  The Securities and Exchange Board of India (SEBI) has introduced a new regulation to expedite the capital-raising process for companies by reducing the timeline for completing rights issues to 23 days.
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  UPSC Angle: SEBI reduces timeline for rights issues to 23 days.

  Key Facts:

  • SEBI introduced a new regulation
  • Reducing the timeline for completing rights issues to 23 days
  • The rule will come into effect from April 7, 2025

Consumer Protection & Governance Reforms in Banking

Focus: Regulatory updates focused on protecting depositors/borrowers, simplifying compliance, and ensuring fair conduct by financial institutions.

UPSC Value: Highlights the RBI's shift towards a more customer-centric and transparent regulatory framework.

5 news items in this theme:

• 2025-12-22 [Economy] — RBI Approves Risk-Based Deposit Insurance Framework
  The Central Board of Directors of the Reserve Bank of India (RBI) approved a risk-based deposit insurance framework for banks to protect bank depositors against the risk of bank failure. Deposit insurance is a mechanism to protect bank depositors against the risk of bank failure.
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  UPSC Angle: RBI approves risk-based deposit insurance framework for banks.

  Key Facts:

  • RBI
  • Hyderabad
  • 620th meeting
• 2025-11-28 [Economy] — RBI Issues Consolidated Master Directions
  The Reserve Bank of India (RBI) has consolidated over 9000 existing circulars and guidelines into 238 function-wise Master Directions (MDs) specific to each category of regulated entity, marking a paradigm shift in its regulatory communication. Instructions from NABARD to Regional Rural Banks, State Co-operative Banks and Central Co-operative Banks were also consolidated. The aim is to enhance compliance, promote transparency, and ensure uniformity in regulatory guidelines.
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  UPSC Angle: RBI consolidates circulars into function-wise Master Directions for regulated entities.

  Key Facts:

  • RBI issued 238 Master Directions (MDs) consolidating over 9000 circulars and guidelines.
  • Consolidation specific to each category of regulated entity.
  • Instructions from NABARD to Regional Rural Banks, State Co-operative Banks and Central Co-operative Banks were consolidated.
  • The 11 types of regulated entities are: (a) Commercial Banks; (b) Small Finance Banks; (c) Payments Banks; (d) Local Area Banks; (e) Regional Rural Banks; (f) Urban Co-operative Banks; (g) Rural Co-operative Banks; (h) All India Financial Institutions; (i) Non-Banking Financial Companies; (j) Asset Reconstruction Companies; and (k) Credit Information Companies.
• 2025-11-28 [Economy] — RBI Issues Directions on Responsible Business Conduct for Commercial Banks
  The Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Directions, 2025 to consolidate and strengthen regulatory instructions relating to customer service and fair conduct in the banking sector. The Directions bring together various earlier guidelines issued by the RBI to ensure uniform standards of service across commercial banks.
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  UPSC Angle: RBI issues directions on Responsible Business Conduct for commercial banks.

  Key Facts:

  • RBI issued the Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Directions, 2025 on November 28, 2025.
  • The directions aim to consolidate and strengthen regulatory instructions relating to customer service and fair conduct in the banking sector.
  • The directions apply to all commercial banks, excluding Small Finance Banks, Payment Banks, and Local Area Banks.
• 2025-11-01 [Economy] — RBI New Nomination Rules for Bank Accounts
  The Reserve Bank of India (RBI) issued new directions effective November 1, 2025, to align banking rules with the amended Banking Regulation Act, 1949, and the Banking Companies (Nomination) Rules, 2025. These rules mandate banks to offer and publicize nomination facilities for deposit accounts, safe deposit lockers, and safe custody articles to simplify claims settlement upon a customer’s death and to inform customers of the option to nominate a person and to obtain a written declaration from those who choose not to do so.
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  UPSC Angle: RBI issued new nomination rules for bank accounts.

  Key Facts:

  • RBI issued Reserve Bank of India (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025, effective November 1, 2025.
  • The directions align with the newly amended Banking Regulation Act, 1949 and the Banking Companies (Nomination) Rules, 2025.
  • The directions apply to all banks.
  • Banks must offer and publicize the nomination facility for deposit accounts, safe deposit lockers, and safe custody articles.
  • Banks must explicitly inform customers about the facility's benefits.
  • Banks must secure a written declaration from those who choose not to nominate.
  • Banks can't deny an account if a customer refuses to nominate.
  • Nomination requests must be acknowledged within three working days.
  • Nomination status and nominee's name must be recorded on the passbook/statement of account and TDR.
  • The Banking Laws (Amendment) Act, 2025 was notified on 2025-04-15 and contains 19 amendments.
  • Sections 10, 11, 12 and 13 of banking laws act 2025 provisions will come into effect from 1st November 2025.
  • Customers can nominate up to four people, successively.
• 2025-05-14 [Polity & Governance] — RBI Mandates Reporting of Digital Lending Apps
  The Reserve Bank of India (RBI) issued new regulations under the Reserve Bank of India (Digital Lending) Directions, 2025, mandating that regulated entities report details of their digital lending applications (DLAs) through the Centralised Information Management System (CIMS) portal. The new rules aim to clean up the digital lending space by enforcing uniform standards and offering better borrower protection.
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  UPSC Angle: RBI mandates reporting of digital lending apps.

  Key Facts:

  • RBI issued new regulations under the Reserve Bank of India (Digital Lending) Directions, 2025
  • Regulated entities must report details of their digital lending applications (DLAs) through the Centralised Information Management System (CIMS) portal

SEBI Institutional Integrity, Scrutiny, and Enforcement

Focus: Items focusing on the governance of SEBI itself (including allegations against leadership) and its enforcement actions against market participants.

UPSC Value: Examines the accountability mechanisms of regulatory bodies and the balance between internal governance and external enforcement.

5 news items in this theme:

• 2025-12-13 [Economy] — SEBI Clears Pranav Adani of Insider Trading Charges
  SEBI cleared Pranav Adani, a director in several Adani Group companies and nephew of Gautam Adani, of allegations that he shared price-sensitive information and violated insider-trading rules; charges against his two relatives were also dismissed.
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  UPSC Angle: Not exam-relevant

  Key Facts:

  • SEBI cleared Pranav Adani of insider trading allegations
  • Pranav Adani is a director in several Adani Group companies and nephew of Gautam Adani
  • Charges dismissed against two relatives as well
• 2025-11-14 [Polity & Governance] — SEBI's senior officials to publicly disclose assets
  SEBI's High-Level Committee has recommended major reforms to strengthen its conflict-of-interest and disclosure framework, including mandatory public disclosure of assets and liabilities for senior officials. The committee proposed that SEBI’s chairman, whole-time members, and chief general managers and above must publicly disclose their assets. It also recommended that applicants for these senior roles reveal any actual, potential, or perceived financial and non-financial conflict-of-interest risks to the appointing authority.
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  UPSC Angle: SEBI officials to publicly disclose assets to avoid conflict of interest.

  Key Facts:

  • SEBI's chairman, whole-time members, and chief general managers and above must publicly disclose their assets and liabilities
  • Applicants for senior roles must reveal any conflict-of-interest risks
  • Committee also suggested investment restrictions, structured recusal norms, and a stronger whistle-blower mechanism
• 2025-06-17 [Economy] — SEBI bans Sanjiv Bhasin for front running
  SEBI has banned Sanjiv Bhasin from the market for alleged front-running. This action underscores SEBI's commitment to preventing market manipulation and ensuring fair trading practices.
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  UPSC Angle: SEBI bans Sanjiv Bhasin for alleged front-running.

  Key Facts:

  • SEBI banned Sanjiv Bhasin
  • Reason: Front running
• 2025-04-01 [Polity & Governance] — SC on Financial Market Transparency
  The Supreme Court directed Lok Sabha MP Mahua Moitra to petition SEBI for public disclosure of norms for foreign portfolio investors and alternative investment funds, disposing of her plea seeking transparency in financial markets.
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  UPSC Angle: SC on Financial Market Transparency.

  Key Facts:

  • Organization: SEBI
  • Person: Mahua Moitra
  • Position: Lok Sabha MP
  • Issue: Transparency in financial markets
  • Court: Supreme Court
  • Justices: B.V. Nagarathna and Satish Chandra Sharma
• 2025-03-02 [Economy] — Court Orders FIR Against Former SEBI Chief
  A special court in Mumbai has directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials. The order, issued on Saturday, is related to alleged stock market fraud and regulatory violations, citing prima facie evidence of regulatory lapses and collusion. The case involves irregularities in granting listing permission to a company on the Bombay Stock Exchange (BSE) in 1994 and alleged failure to exercise regulatory oversight.
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  UPSC Angle: Court Orders FIR Against Former SEBI Chief.

  Key Facts:

  • Mumbai
  • Anti-Corruption Bureau (ACB)
  • Madhabi Puri Buch
  • Shashikant Eknathrao Bangar
  • Court: Special court in Mumbai
  • Directed: Anti-Corruption Bureau (ACB) to register an FIR
  • Accused: Former SEBI chairperson Madhabi Puri Buch and five other officials
  • Allegations: Stock market fraud and regulatory violations
  • Judge: Shashikant Eknathrao Bangar
  • Date of order: Saturday
  • Involves: Granting listing permission to a company on the Bombay Stock Exchange (BSE) in 1994

Mandates and Updates of Constitutional & Statutory Bodies

Focus: News and static information regarding the functioning, appointments, and powers of key national institutions (ECI, Lokpal, Census, Rajya Sabha Secretariat).

UPSC Value: Essential for GS II (Constitutional and Statutory Bodies) to understand powers, appointments, and federal issues.

4 news items in this theme:

• 2026-01-17 [Polity & Governance] — Secretary-General of the Rajya Sabha (SGRS)
  Appointed by the Chairman of the Rajya Sabha (Vice President of India). Equivalent to the rank of Cabinet Secretary.
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  UPSC Angle: Secretary-General of Rajya Sabha is equivalent to Cabinet Secretary rank.

  Key Facts:

  • Office was created in 1952, 1st SGRS was S. N. Mukherjee
  • Administrative head of the Rajya Sabha Secretariat
  • Appointed by the Chairman of the Rajya Sabha (Vice President of India)
  • Equivalent to the rank of Cabinet Secretary
• 2026-01-08 [Polity & Governance] — Census of India 2027: First Phase Notification
  The Centre has issued the notification for the first phase of the Census of India 2027, marking the formal commencement of the statistical exercise after a decade, which will be the 16th Census overall and the 8th post-Independence. The Census will be conducted in two phases: Houselisting and Housing Census (April–September 2026) and Population Enumeration (February 2027).
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  UPSC Angle: Notification issued for first phase of Census of India 2027.

  Key Facts:

  • Census of India 2027 is the 16th Census overall and the 8th after Independence.
  • Conducted under the Census Act, 1948 and Census Rules, 1990.
  • Houselisting and Housing Census (HLHC): April–September 2026.
  • Population Enumeration (PE): February 2027.
  • First fully digital Census with data collection via mobile applications (Android & iOS).
  • Self-enumeration facility allows citizens to fill details online 15 days prior to field enumeration.
  • Census Management & Monitoring System (CMMS) enables real-time digital monitoring.
  • GIS-based House listing Block (HLB) Creator for accurate geo-referencing.
  • Caste data will be collected electronically for the first time since 1931 in the Population Enumeration phase.
  • Census of India 2027 is the 16th Census overall and the 8th after Independence
  • Conducted under the Census Act, 1948 and Census Rules, 1990
  • Two phases: Houselisting and Housing Census (HLHC): April–September 2026; Population Enumeration (PE): February 2027
  • First fully digital Census: Data collection through mobile applications (Android & iOS) instead of paper schedules.
  • Self-enumeration facility: Citizens can fill details online 15 days prior to field enumeration.
  • Caste enumeration: For the first time since 1931, caste data will be collected electronically in the Population Enumeration phase.
  • Digital access
  • Gender identity
  • Climate-induced migration
  • Type of cooking fuel.
  • For the first time since 1931, the 2027 census will carry out a complete enumeration of all castes.
• 2025-08-20 [Polity & Governance] — Election Commission vs States
  A dispute between the Election Commission of India (ECI) and the West Bengal government over disciplinary authority on election officials has reignited debate on the ECI's control over state officials deputed to election duty. In 1988, Parliament gave legal backing to the Constituent Assembly's vision by amending the Representation of the People Acts of 1950 and 1951, placing election officials formally under the Election Commission's control. The ECI was empowered to suspend officers, replace errant officials, and recommend disciplinary action to the competent authority, which was bound to act within six months.
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  UPSC Angle: Dispute between ECI and West Bengal government on election official authority.

  Key Facts:

  • Dispute between ECI and West Bengal government over disciplinary authority on election officials
  • In 1988, Parliament amended the Representation of the People Acts of 1950 and 1951
  • Section 13CC of the 1950 Act places election officials under the Election Commission's control
  • ECI can suspend officers, replace errant officials, and recommend disciplinary action
• 2025-06-12 [Polity & Governance] — Lokpal of India
  The Lokpal of India is an independent statutory body established under the Lokpal and Lokayuktas Act, 2013 to inquire into allegations of corruption against public functionaries. The Act came into effect on January 16, 2014. The Lokpal is appointed for a 5-year term or until they attain the age of 70 years.
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  UPSC Angle: Lokpal of India established under the Lokpal and Lokayuktas Act, 2013.

  Key Facts:

  • The Lokpal and Lokayuktas Act was established in 2013.
  • The Act came into effect on January 16, 2014.
  • The Lokpal is appointed for a 5-year term or until the age of 70.

Regulatory and Policy Actions in Finance

Focus: Regulatory approvals, guidelines, and reform initiatives by the RBI and government bodies affecting financial institutions and social security frameworks.

UPSC Value: Essential for understanding the shifting regulatory landscape, from bank licensing and acquisition financing to social security reforms.

4 news items in this theme:

• 2025-12-08 [Economy] — Fino Payments Bank Transition to Small Finance Bank
  Fino Payments Bank received in-principle approval from the Reserve Bank of India (RBI) to transition into a Small Finance Bank (SFB). The approval was announced on 5 December 2025, nearly two years after Fino submitted its application.
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  UPSC Angle: Fino Payments Bank receives in-principle approval to transition to SFB.

  Key Facts:

  • Approval date: 5 December 2025.
  • RBI 'on tap' licensing guidelines were used.
• 2025-11-24 [Schemes & Programs] — Nationwide coverage of EPFO and ESIC with reforms focused on women
  A recent note from the PIB (Press Information Bureau) highlighted the nationwide coverage of EPFO (Employees' Provident Fund Organisation) and ESIC (Employees' State Insurance Corporation), the recognition of gig and platform workers, and reforms focused on women, with a target date of November 2025. There is renewed attention on this issue due to the ongoing implementation of the four Labour Codes.
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  UPSC Angle: Nationwide coverage of EPFO and ESIC with reforms focused on women.

  Key Facts:

  • Nationwide coverage of EPFO (Employees' Provident Fund Organisation) and ESIC (Employees' State Insurance Corporation).
  • Recognition of gig and platform workers.
  • Reforms focused on women, with a target date of November 2025.
  • Renewed attention on this issue due to the ongoing implementation of the four Labour Codes.
• 2025-10-30 [Economy] — RBI Issues Draft Guidelines on Acquisition Finance
  The Reserve Bank of India (RBI) has released draft guidelines allowing banks to extend acquisition finance only to listed Indian companies with satisfactory net worth and profitability for the last three years. The target company's annual returns must be available for at least the previous three financial years, and the acquisition value must be determined by two independent valuations as per SEBI regulations. The aggregate exposure of a bank towards acquisition finance must not exceed 10% of its Tier I capital, and the overall Capital Market Exposure (CME) must not exceed 40% of Tier I capital.
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  UPSC Angle: RBI issues draft guidelines on acquisition finance.

  Key Facts:

  • RBI has released draft guidelines allowing banks to extend acquisition finance only to listed Indian companies
  • Companies must have satisfactory net worth and profitability for the last three years
  • Target company's annual returns must be available for at least the previous three financial years
  • Acquisition value must be determined by two independent valuations as per SEBI regulations
  • Aggregate exposure of a bank towards acquisition finance must not exceed 10% of its Tier I capital
  • Overall Capital Market Exposure (CME) must not exceed 40% of Tier I capital
• 2025-03-13 [Schemes & Programs] — Campaigns to Boost Financial Literacy
  The Reserve Bank of India (RBI) and the National Centre for Financial Education (NCFE) have launched multiple nationwide campaigns to enhance financial literacy in India.
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  UPSC Angle: RBI and NCFE launch campaigns to enhance financial literacy.

  Key Facts:

  • Launched by the Reserve Bank of India (RBI)
  • Partnered with the National Centre for Financial Education (NCFE)
  • To enhance financial literacy in India

Operational and Judicial Evolution of the Insolvency and Bankruptcy Code (IBC)

Focus: Items tracking the IBC's performance metrics, identified procedural gaps, legislative efforts to streamline timelines, and judicial validation of its core principles.

UPSC Value: Provides a comprehensive view of India's stressed asset resolution ecosystem, essential for understanding economic reforms and the 'Ease of Doing Business' framework.

4 news items in this theme:

• 2025-09-28 [Economy] — Supreme Court Clears JSW Steel's Acquisition of BPSL
  The Supreme Court of India has approved JSW Steel's acquisition of Bhushan Power and Steel (BPSL) for $2.3 billion (₹19,350 crore). This decision reinforces the Insolvency and Bankruptcy Code (IBC), 2016, emphasizing corporate revival over liquidation. The judgment is expected to restore investor confidence in IBC and discourage frivolous delays.
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  UPSC Angle: SC clears JSW Steel's acquisition of BPSL, reinforcing IBC.

  Key Facts:

  • JSW Steel
  • Bhushan Power and Steel (BPSL)
  • Acquisition amount: $2.3 billion (₹19,350 crore)
  • Insolvency and Bankruptcy Code (IBC), 2016
• 2025-08-14 [Economy] — Reforms to Insolvency and Bankruptcy Code (IBC)
  The Insolvency and Bankruptcy Code (IBC) was introduced in 2016 to provide a time-bound mechanism for rescuing and reorganising distressed companies, bringing a culture of accountability and credit discipline among debtors. Amendments are expected to help make the insolvency resolution process swift and efficient. Records from financial institutions are deemed conclusive proof of default and the 14-day timeline for the National Company Law Tribunal (NCLT) to decide on admission is to be strictly enforced; delays must be recorded in writing.
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  UPSC Angle: IBC provides time-bound mechanism for rescuing distressed companies.

  Key Facts:

  • IBC introduced: 2016
  • Average time taken for admission: 434 days
• 2025-06-18 [Economy] — Insolvency and Bankruptcy Code (IBC) Concerns
  Concerns are growing over the Committee of Creditors (CoC)'s unchecked discretion, lack of transparency, and procedural opacity in key decision-making within the IBC framework.
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  UPSC Angle: Concerns over CoC's discretion and transparency in IBC framework.

  Key Facts:

  • Concerns over CoC's unchecked discretion in IBC.
• 2025-06-07 [Economy] — IBC Continues to Drive Corporate Debt Resolution
  The Insolvency and Bankruptcy Code (IBC) has completed over 8 years since its implementation. As of FY 2023–24, creditors recovered ₹3.89 lakh crore, achieving a 32.8% recovery rate, with IBC responsible for 48% of bank recoveries, according to the RBI.
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  UPSC Angle: IBC continues to drive corporate debt resolution.

  Key Facts:

  • Creditors recovered ₹3.89 lakh crore as of FY 2023–24
  • Recovery rate: 32.8%
  • IBC responsible for 48% of bank recoveries
  • NPA ratio declined from 11.2% (2018) to 2.8% (2024)

Rollout and Consolidation of Central Labour Codes

Focus: Items tracking the timeline, consolidation, and specific implementation phases of India's four major Labour Codes.

UPSC Value: Essential for understanding the structural reforms in India's labour market, specifically the transition from 29 laws to 4 codes.

3 news items in this theme:

• 2026-02-10 [Economy] — Implementation of Industrial Relations Code
  The Union government plans to implement the Industrial Relations Code (IRC), 2020, by April 2026, which will increase the job-security threshold from 100 to 300 workers. This change has sparked debate on employment security amid AI-driven automation.
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  UPSC Angle: Implementation of Industrial Relations Code (IRC), 2020.

  Key Facts:

  • The Union government will implement the Industrial Relations Code (IRC), 2020, by April 2026.
  • The job-security threshold will increase from 100 to 300 workers.
• 2025-12-26 [Economy] — India Focuses on Deregulation to Enhance Ease of Doing Business
  In 2025, India shifted from easing business to freeing business through deregulation, marked by raising the turnover threshold for "small companies" tenfold to Rs 100 crore and consolidating labour statutes into four simplified codes. The RBI consolidated 9,000 circulars into 238 Master Directions, and India secured three major Free Trade Agreements (FTAs) with the UK, Oman, and New Zealand, lowering the cost of entry into global markets.
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  UPSC Angle: India focuses on deregulation to enhance ease of doing business.

  Key Facts:

  • Turnover threshold for “small companies” raised tenfold to Rs 100 crore
  • Dozens of overlapping labour statutes were consolidated into four simplified labour codes
  • RBI consolidated nearly 9,000 circulars into 238 Master Directions
  • India secured three major Free Trade Agreements (FTAs) with the UK, Oman, and New Zealand in 2025
• 2025-11-22 [Polity & Governance] — Four New Labour Codes Implemented
  The Indian government has implemented four new labour codes effective November 21, 2025, rationalizing 29 existing labour laws. The codes include the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020. These codes aim to bring long-due labour reforms, target the welfare and dignity of the labour force, and facilitate ease of doing business in India.
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  UPSC Angle: Four new labour codes implemented, rationalizing 29 existing laws.

  Key Facts:

  • Implementation date: November 21, 2025
  • Four Labour Codes: Code on Wages, 2019; Industrial Relations Code, 2020; Code on Social Security, 2020; Occupational Safety, Health and Working Conditions Code, 2020
  • Rationalization of 29 existing labour laws
  • Social Security Code, 2020 brings gig/platform workers and aggregators within legal social security for the first time.
  • Aggregators to contribute 1–2% of turnover for worker welfare.
  • Full-time employees are eligible for gratuity after one year (earlier five).
  • Expands benefits such as PF, ESIC, maternity benefits.
  • Aligns with NITI Aayog's gig workforce projections (23.5 million by 2030).
  • Four new Labour Codes notified: Code on Wages, Industrial Relations Code, Occupational Safety, Health and Working Conditions Code, and Social Security Code.
  • Gratuity eligibility reduced from five years to one year for fixed-term employees.
  • Introduction of a national minimum wage.
  • Focus on increasing female labor force participation.
  • Aims to consolidate 29 labour laws into 4 codes.
  • Code on Wages (2019)
  • Industrial Relations Code (2020)
  • Social Security Code (2020)
  • Occupational Safety, Health and Working Conditions Code (2020)
  • Four Labour Codes
  • Simplifying compliance
  • Strengthening worker welfare

Indian Tax Administration and Policy

Focus: Developments concerning the regulatory functions of the Indian revenue authorities, including institutional compliance notifications, enforcement of tax arrears, and legislative changes to transaction taxes.

UPSC Value: Essential for understanding the mobilization of resources and the legal framework governing taxation and revenue collection in India (GS Paper III).

3 news items in this theme:

• 2026-02-01 [Economy] — Market decline after Union Budget 2026 announcement
  The benchmark Nifty 50 index declined 1.96%, closing at 24,825.45 points on February 1, 2026, after Finance Minister Nirmala Sitharaman announced an increase in the securities transaction tax on derivatives trades in the Union Budget 2026-27. Almost all sectoral indices decreased, except Nifty IT, which was up 0.8%. The NIFTY PSU Bank index dropped by more than 5%.
  More details

  UPSC Angle: Not exam-relevant

  Key Facts:

  • Nifty 50 index declined 1.96%, closing at 24,825.45 points
  • Securities transaction tax on derivatives trades increased
  • NIFTY PSU Bank index dropped by more than 5%
• 2026-01-30 [Polity & Governance] — Income Tax Notifications
  The Income Tax Department issued several notifications, including Notification No. 16/2026 regarding Rajalakshmi University Trust, Chennai, and Notification No. 14/2026 regarding 'Sikshya O Anusandhan' Bhubaneswar, Odisha, concerning statements under sub-section (1A) of section 35 of the Act.
  More details

  UPSC Angle: Not exam-relevant

  Key Facts:

  • Notification No. 16/2026 [F.No. 203/04/2025/ITA-II] / SO 433(E) - 30 January 2026
  • Rajalakshmi University Trust, Chennai, shall prepare statement under sub-section (1A) of section 35 of the Act
  • Notification No. 14/2026 [F. No. 203/03/2025/ITA-II] / SO 386(E) - 27 January 2026
  • 'Sikshya O Anusandhan' Bhubaneswar, Odisha shall prepare statement under sub-section (1A) of section 35 of the Act
• 2025-07-13 [Polity & Governance] — Jayalalithaa's Tax Dues
  The I-T department informed the Madras High Court that Jayalalithaa's residence Veda Nilayam will be auctioned if tax dues are not paid, with arrears including income tax from 1991-92 to 2006-07 and wealth tax from 1992-93 to 2015-16.
  More details

  UPSC Angle: Not exam-relevant

  Key Facts:

  • Jayalalithaa
  • Veda Nilayam
  • Madras High Court
  • income tax
  • 1991-92 to 2006-07
  • wealth tax
  • 1992-93 to 2015-16
  • December 5, 2016
  • J. Deepa
  • J. Deepak
  • July 13, 2025
  • August 4, 2025
  • August 11, 2025
  • ₹6.75 crore

Tightening of India's Financial Compliance Framework (PMLA & GAAR)

Focus: Regulatory and judicial actions expanding India's anti-money laundering (PMLA) and anti-avoidance (GAAR) nets to cover digital assets and treaty abuse.

UPSC Value: Demonstrates the state's evolving approach to regulating non-traditional financial sectors (gaming, crypto) and closing international tax loopholes.

3 news items in this theme:

• 2026-01-21 [Economy] — Supreme Court Prioritizes GAAR over Tax Treaties
  The Supreme Court has ruled that the General Anti-Avoidance Rules (GAAR) will override tax treaties (DTAAs) when the primary purpose of an arrangement is tax avoidance. This ruling requires foreign investors to demonstrate genuine business operations in treaty countries to claim tax benefits, and it also applies to investments made before April 2017 if the structure is deemed a sham.
  More details

  UPSC Angle: SC ruled GAAR overrides tax treaties for tax avoidance.

  Key Facts:

  • A Tax Residency Certificate (TRC) is required to claim treaty benefits, but does not guarantee tax exemption
  • GAAR prevails over tax treaties when the arrangement is primarily designed to avoid tax
  • Foreign investors must demonstrate active business operations and decision-making authority in the treaty country to claim tax benefits
  • GAAR prevails over tax treaties (DTAAs) when an arrangement is primarily designed to avoid tax
  • Foreign investors must demonstrate active business operations in the treaty country to claim tax benefits
  • Investments made before April 2017 can be scrutinised if the structure is a sham
  • Taxation applies to the sale of offshore shares if their value is derived mainly from Indian assets
• 2025-07-19 [Economy] — Regulations of Stablecoins and Virtual Digital Assets
  The government taxes transactions and gains from cryptocurrencies and virtual digital assets at a tax rate of 30% with a 1% TDS under the Finance Act of 2022. Crypto entities are also coming under the purview of the Prevention of Money Laundering Act of 2023, and India does not have a framework for stable coin licensing.
  More details

  UPSC Angle: Crypto taxed at 30% with 1% TDS under Finance Act 2022.

  Key Facts:

  • Virtual digital assets (e.g., cryptocurrencies, NFTs, utility tokens) are taxed at 30% with 1% TDS
  • Taxation under the Finance Act of 2022
  • No deduction allowed except the cost of acquisition of the crypto asset
  • Losses from virtual digital assets cannot be set off against any other income
  • Crypto entities come under the purview of Prevention of Money Laundering Act of 2023
  • India does not have a framework for stable coin licensing
• 2025-04-09 [Economy] — Online Gaming Firms Classified as 'Reporting Entities' under PMLA
  The Union government has proposed classifying online real-money gaming firms as “reporting entities” under the Prevention of Money Laundering Act (PMLA) of 2002. Reporting entities are required to provide client and transaction information to the Financial Intelligence Unit-India (FIU-IND).
  More details

  UPSC Angle: Online gaming firms classified as 'reporting entities' under PMLA.

  Key Facts:

  • Online real-money gaming firms classified as “reporting entities” under PMLA.
  • Reporting entities must provide client and transaction information to FIU-IND.

Evolution of FIR Registration Protocols

Focus: Items specifically addressing the legal mechanisms, technological pilots, and judicial mandates regarding the filing of First Information Reports (FIRs).

UPSC Value: Essential for understanding police reforms, citizen-centric legal procedures (Zero FIR), and statutory protections for vulnerable sections (SC/ST Act).

3 news items in this theme:

• 2026-01-01 [Polity & Governance] — Zero FIR Concept
  The concept of Zero FIR, where a First Information Report can be filed at any police station regardless of jurisdiction, is highlighted. This is relevant in cases of cognizable offenses where the police can arrest and investigate without a warrant.
  More details

  UPSC Angle: Zero FIR allows filing at any police station regardless of jurisdiction.

  Key Facts:

  • FIR as a concept was not mentioned in Criminal Procedure Code until 2023.
  • Zero FIR allows filing a report at any police station, even if the offense didn't occur there.
  • Police can arrest without a warrant in a cognizable offense.
• 2025-07-25 [Polity & Governance] — Madras HC Reaffirms FIR Registration Under SC/ST (PoA) Act
  The Madras High Court has reaffirmed the legal obligation of the police to immediately register an FIR in cases of cognisable offences under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989, without conducting a preliminary inquiry. The objective of the Act is to prevent atrocities and hate crimes against Scheduled Castes (SCs) and Scheduled Tribes (STs). The Act covers offences ranging from caste-based abuse to social and economic boycotts and violence.
  More details

  UPSC Angle: Madras HC reaffirms FIR registration under SC/ST (PoA) Act.

  Key Facts:

  • Madras HC reaffirmed FIR registration under SC/ST (PoA) Act, 1989.
  • Objective is to prevent atrocities and hate crimes against SCs and STs.
  • Covers offences ranging from caste-based abuse to social and economic boycotts and violence.
• 2025-05-21 [Polity & Governance] — E-Zero FIR Initiative Launched in Delhi
  Union Home Minister Amit Shah launched the e-Zero FIR initiative as a pilot project in Delhi, aiming to make the legal system more accessible.
  More details

  UPSC Angle: E-Zero FIR initiative launched in Delhi.

  Key Facts:

  • E-Zero FIR initiative launched in Delhi as a pilot project.

Regulatory Oversight of Political and Social Organizations

Focus: Legal and financial frameworks (RPA, IT Act, SEBI guidelines) governing the funding, transparency, and reporting requirements of political parties and non-profit organizations.

UPSC Value: Crucial for understanding governance and electoral reforms, specifically the mechanisms used to ensure accountability in entities that influence public policy and social welfare.

3 news items in this theme:

• 2025-12-29 [Polity & Governance] — Financial Asymmetry in Political Funding in India
  Concerns are intensifying regarding transparency in India's political funding framework, with unequal access to private donations distorting electoral competition. Section 29B of the Representation of the People Act (RPA) 1951 permits political parties to accept donations from individual persons. The Election Commission of India's Transparency Guidelines require the disclosure of donations over ₹20,000 under the Act.
  More details

  UPSC Angle: Financial asymmetry in political funding impacts electoral competition; Section 29B.

  Key Facts:

  • Section 29B of the Representation of the People Act (RPA) 1951: Permits political parties to accept donations from individual persons
  • Election Commission of India's Transparency Guidelines: Require disclosure of donations over ₹20,000
• 2025-09-20 [Polity & Governance] — Registered Unrecognised Political Parties
  Registered Unrecognised Political Parties (RUPP) get tax exemptions under Section 13A of the Income Tax Act, 1961, eligibility for common poll symbols, and permission to nominate up to 20 'star campaigners'. Conditions for recognition as a national party include securing at least 6% of votes in four or more states and having at least four members in the Lok Sabha.
  More details

  UPSC Angle: RUPPs get tax exemptions and eligibility for common poll symbols.

  Key Facts:

  • Tax exemption under Section 13A of the Income Tax Act, 1961
  • Eligibility for common poll symbols
  • Permission to nominate up to 20 'star campaigners'
  • Conditions for recognition as a national party include securing at least 6% of votes in four or more states
  • Party needs to have at least four members in the Lok Sabha
• 2025-05-14 [Economy] — SSE Listing Crucial for NGOs
  Social stock exchange (SSE) listing will become crucial for NGOs, but SSE struggles with awareness, with only 2% of eligible NPOs listed. Smaller organizations lack resources to meet SEBI's reporting standards, risking exclusion, but NSE's SSE segment, operational since 2023, allows contributions starting at ₹1,000, democratizing philanthropy.
  More details

  UPSC Angle: Social stock exchange (SSE) listing crucial for NGOs.

  Key Facts:

  • Only 2% of eligible NPOs are listed on SSE
  • NSE's SSE segment allows contributions starting at ₹1,000
  • As of 2025, SSE has listed over 50 social enterprises, raising ₹500 crore
  • A Capacity Building Fund (₹100 crore), supported by NABARD and SIDBI

Evolution of Market and Investment Oversight

Focus: Updates by statutory regulators (SEBI and CCI) to modernize competition laws, investment trust approvals, and mutual fund transparency.

UPSC Value: Relevant for studying the role of regulatory bodies in ensuring fair market practices, investor protection, and corporate governance in India.

3 news items in this theme:

• 2025-12-22 [Economy] — Competition Commission of India (CCI) and Amendments
  Replacing the outdated MRTP Act of 1969, the CCI aligns India's competition laws with global standards, following recommendations from the Raghavan Committee. The Competition (Amendment) Act, 2023 introduced critical changes to address modern digital markets, including mandatory CCI approval for mergers with a transaction value exceeding ₹2,000 crore.
  More details

  UPSC Angle: CCI aligns with global standards; Competition (Amendment) Act, 2023 introduced.

  Key Facts:

  • MRTP Act of 1969
  • Raghavan Committee
  • Competition (Amendment) Act, 2023
  • ₹2,000 crore deal value threshold
• 2025-12-07 [Economy] — NHAI's InvIT Receives SEBI Approval
  The National Highways Authority of India (NHAI) received in-principle approval from the Securities and Exchange Board of India (SEBI) for 'Raajmarg Infra Investment Trust' (RIIT) as an Infrastructure Investment Trust (InvIT).
  More details

  UPSC Angle: NHAI's InvIT approval could impact infrastructure investment and bond markets.

  Key Facts:

  • Authority: National Highways Authority of India (NHAI)
  • Approval from: Securities and Exchange Board of India (SEBI)
  • InvIT Name: Raajmarg Infra Investment Trust (RIIT)
  • Raajmarg Infra Investment Trust
  • RIIT
  • National Highways Authority of India (NHAI) received SEBI's in-principle approval for 'Raajmarg Infra Investment Trust' (RIIT) as an Infrastructure Investment Trust (InvIT).
• 2025-11-06 [Economy] — SEBI Proposes Changes in Mutual Fund Regulations
  The Securities and Exchange Board of India (SEBI) has proposed changes in the Total Expense Ratio (TER) and brokerage fee structure for mutual funds to increase transparency, protect investors, and align costs with fund performance.
  More details

  UPSC Angle: SEBI proposes changes in mutual fund regulations for transparency.

  Key Facts:

  • Securities and Exchange Board of India (SEBI)
  • Total Expense Ratio (TER)
  • Brokerage fee structure
  • Mutual funds

Strengthening Financial Regulatory Oversight and Data Transparency

Focus: Initiatives by Indian financial regulators (RBI and SEBI) to enhance market transparency through standardized disclosure norms, data quality indices, and consolidated legal frameworks.

UPSC Value: This thread is essential for understanding the evolution of financial governance and the shift towards data-driven supervision in the Indian economy.

3 news items in this theme:

• 2025-12-16 [Economy] — Mandating periodic disclosure requirements for Securitised Debt Instruments (SDIs).
  SEBI mandates periodic disclosure requirements for Securitised Debt Instruments (SDIs).
  More details

  UPSC Angle: SEBI mandates periodic disclosure requirements for Securitised Debt Instruments.

  Key Facts:

  • Periodic disclosure requirements is mandated for Securitised Debt Instruments (SDIs).
• 2025-08-26 [Economy] — RBI framework for regulations, SEBI's Securities Market Code improve financial oversight
  RBI's 'Framework for Formulation of Regulations' emphasizes transparency, stakeholder consultation, impact assessments and periodic reviews, while SEBI's Securities Market Code 2025 represents an important step towards consolidating the legal framework.
  More details

  UPSC Angle: RBI and SEBI improve financial oversight with new frameworks.

  Key Facts:

  • RBI's 'Framework for Formulation of Regulations'
  • SEBI's Securities Market Code 2025
• 2025-06-19 [Economy] — Supervisory Data Quality Index (sDQI)
  The Reserve Bank of India (RBI) has developed the Supervisory Data Quality Index (sDQI) to evaluate Scheduled Commercial Banks (SCBs) on accuracy, timeliness, completeness, and consistency of data submissions. The sDQI score improved from 88.6 in March 2024 to 89.3 in March 2025, driven by gains in timeliness and consistency.
  More details

  UPSC Angle: RBI developed Supervisory Data Quality Index (sDQI).

  Key Facts:

  • Most banks fall in the acceptable (80–90) and good (>90) categories.
  • The index covers critical returns like ALE, RAQ, ROR, RBS, LR, RCA, and CRILC, promoting data transparency, discipline, and effective supervision.

Religious Identity and Minority Institutional Framework

Focus: The intersection of religious identity claims for the 2026 census and the functional status of the National Commission for Minorities.

UPSC Value: Relevant for understanding the constitutional and statutory protections for minorities and the political challenges of religious enumeration in India.

3 news items in this theme:

• 2025-12-10 [Society & Culture] — VHP urges Hindu registration in upcoming census
  Vishwa Hindu Parishad (VHP) President Alok Kumar urged all individuals to register as "Hindu" in the upcoming census. This request was made in response to demands from various groups, including Adivasis, seeking separate religion codes. The statement highlights ongoing debates about religious identity and representation in India.
  More details

  UPSC Angle: Not exam-relevant

  Key Facts:

  • Alok Kumar
  • Vishwa Hindu Parishad (VHP)
  • census
  • Hindu
  • Adivasis
  • religion code
  • December 9, 2025
• 2025-07-07 [Polity & Governance] — National Commission for Minorities Update
  The National Commission for Minorities (NCM) is currently non-functional because all five members, including the Chairperson, have retired since December 2024 and have not been reappointed. The NCM is a statutory body established in 1992, tasked with safeguarding the interests of India's notified religious minority communities. Currently, six religious communities are notified as minorities: Muslims, Christians, Sikhs, Buddhists, Zoroastrians (Parsis), and Jains, constituting around 20% of the country's population.
  More details

  UPSC Angle: National Commission for Minorities is non-functional due to vacancies.

  Key Facts:

  • The National Commission for Minorities (NCM) has been non-functional since April 2025.
  • The NCM was established as a statutory body under the National Commission for Minorities Act, 1992.
  • Six religious communities are notified as minorities.
  • Minority communities constitute around 20% of the country's population.
• 2025-05-02 [Society & Culture] — Veerashaiva-Lingayats Seek Separate Religion Code
  The Veerashaiva-Lingayat community is preparing to request a distinct religion code during the national census slated for 2026. Historically, Lingayats have been classified as a Hindu sub-caste known as "Veerashaiva Lingayats" and are considered Shaivites. The Veerashaiva-Lingayats are a dominant land-owning community in north and central Karnataka.
  More details

  UPSC Angle: Veerashaiva-Lingayats seek separate religion code in 2026 census.

  Key Facts:

  • Veerashaiva-Lingayats will seek a separate religion code
  • National census commences in 2026
  • Lingayats were classified as Hindu subcaste “Veerashaiva Lingayats”
  • Community is dominant land-owning group in north and central Karnataka

RBI's Administration and Enforcement of FEMA 1999

Focus: Regulatory updates, procedural amendments, and enforcement actions taken by the RBI specifically under the Foreign Exchange Management Act (FEMA) framework.

UPSC Value: Understanding the dual role of the RBI in facilitating foreign exchange transactions while enforcing compliance and penalizing violations under FEMA is crucial for the Economy syllabus.

3 news items in this theme:

• 2025-11-21 [Economy] — RBI Expands Alert List of Unauthorised Forex Trading Platforms
  The Reserve Bank of India (RBI) has expanded its alert list of unauthorised online forex trading platforms, adding seven new names, taking the total count to 95. The latest additions are Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX. None of these platforms are authorised to operate electronic trading platforms for forex dealings under FEMA, 1999.
  More details

  UPSC Angle: RBI expands alert list of unauthorised forex trading platforms.

  Key Facts:

  • RBI expanded alert list of unauthorised online forex trading platforms to 95.
  • New additions: Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX.
  • Platforms not permitted to conduct foreign exchange transactions under FEMA, 1999.
• 2025-08-14 [Economy] — RBI to Introduce Reference Rates for Currency
  RBI is planning to introduce reference rates for currencies of India's biggest trading partners to make trade settlements more efficient and cost-effective. Amendments have been done to FEMA, and lending to neighboring countries like Bhutan, Nepal, and Sri Lanka can be in rupees.
  More details

  UPSC Angle: RBI to introduce reference rates for currencies of India's trading partners.

  Key Facts:

  • RBI is planning to introduce reference rates for currencies of India's biggest trading partners
  • Amendments have been done to FEMA
  • Lending to neighboring countries like Bhutan, Nepal, and Sri Lanka can be in rupees
• 2025-04-22 [Economy] — RBI Master Direction on Compounding of FEMA Contraventions
  RBI issued Master Direction No.04/2025-26 on April 22, 2025, addressing the compounding of contraventions under the Foreign Exchange Management Act (FEMA), 1999, to reduce compliance burdens. The master direction compiles instructions and specifies that contraventions of Section 3(a) of FEMA, 1999, are not eligible for compounding by the Reserve Bank.
  More details

  UPSC Angle: RBI issued Master Direction on compounding FEMA contraventions.

  Key Facts:

  • Master Direction No. 04/2025-26
  • Date: April 22, 2025
  • Addresses compounding of contraventions under FEMA, 1999
  • Contraventions of Section 3(a) of FEMA, 1999 are not eligible for compounding by the Reserve Bank
  • Foreign Exchange (Compounding Proceedings) Rules, 2024 supersedes the Foreign Exchange (Compounding Proceedings) Rules, 2000
  • Penalty for delayed FCGPR (B) or FLA Returns is INR 10,000 per AAC/ APR/ FCGPR (B) / FLA Return delayed
  • Penalty for delayed/Non-receipt of share certificate is INR 10,000 per year, subject to a ceiling of 300% of the amount invested
  • For project offices, the amount of contravention shall be deemed to be 10% of the cost of the project

FASTag Policy and Toll Regulation Updates

Focus: Recent regulatory changes and service additions specifically for the FASTag electronic toll collection system, including new subscription models and updated penalty structures.

UPSC Value: Relevant for GS Paper III (Infrastructure: Roads) and governance, illustrating the use of digital technology to streamline public services and enforce compliance through incentives and penalties.

3 news items in this theme:

• 2025-10-05 [Economy] — Toll fee changes
  Vehicles entering a toll plaza without a valid FASTag will be charged twice the regular amount if users pay via cash. Those paying with UPI to be charged 1.25X. The new rules will come into effect Nov 15.
  More details

  UPSC Angle: Toll fee changes: FASTag non-compliance incurs double charge.

  Key Facts:

  • FASTag
  • UPI
  • Nov 15
• 2025-08-18 [Economy] — NHAI Launches FASTag Annual Pass
  NHAI launched the 'FASTag Annual Pass' facility on August 15, 2025, across 1,150 toll plazas. The annual pass is available for ₹3,000 with 1-year validity or 200 toll crossings and is applicable for all non-commercial vehicles with a valid FASTag.
  More details

  UPSC Angle: NHAI launched 'FASTag Annual Pass' facility across 1,150 toll plazas.

  Key Facts:

  • NHAI
  • FASTag Annual Pass launched
  • Date: August 15, 2025
  • 1,150 toll plazas
  • ₹3,000 for 1-year validity or 200 toll crossings
  • Applicable for non-commercial vehicles with FASTag
• 2025-06-20 [Economy] — FASTag Annual Pass Scheme
  The new annual pass scheme, activated on the FASTag, will allow free passage of private car, jeep or van at National Highway (NH) and National Expressway (NE) fee plazas for the given duration, without per-trip user fee charges. A FASTag was launched in 2014 as a pilot project and made mandatory at every toll plaza in the country in 2021.
  More details

  UPSC Angle: Not exam-relevant

  Key Facts:

  • New FASTag annual pass scheme allows free passage for private vehicles
  • Valid on National Highways (NH) and National Expressways (NE)
  • FASTag launched in 2014 as pilot project
  • Made mandatory at every toll plaza in 2021

Tightening FCRA Oversight and Enforcement

Focus: Regulatory amendments and specific enforcement actions taken by the Ministry of Home Affairs to monitor and restrict foreign funding to NGOs under the FCRA framework.

UPSC Value: Crucial for understanding the legal framework of internal security, the regulation of civil society organizations, and the role of the MHA in monitoring foreign influence.

3 news items in this theme:

• 2025-09-26 [Polity & Governance] — FCRA and Monitoring of Foreign Funds
  The Union Ministry of Home Affairs (MHA) monitors the implementation of the FCRA to ensure that foreign funds do not adversely affect the country's internal security. Registered groups can receive foreign contributions for social, educational, religious, economic, and cultural programmes.
  More details

  UPSC Angle: MHA monitors FCRA implementation to safeguard internal security.

  Key Facts:

  • MHA monitors FCRA implementation
  • NGOs must register with MHA to receive foreign funds
  • Certain entities prohibited from receiving foreign funds, including journalists, judges and political parties
• 2025-09-26 [Polity & Governance] — Govt Revokes FCRA License of Sonam Wangchuk's Organization
  The Union Home Ministry cancelled the Foreign Contribution (Regulation) Act (FCRA) registration of an organization founded by climate activist Sonam Wangchuk, citing alleged violations. The CBI is also investigating another non-profit established by Mr. Wangchuk regarding similar allegations.
  More details

  UPSC Angle: Govt revokes FCRA license of Sonam Wangchuk's organization.

  Key Facts:

  • FCRA: Foreign Contribution (Regulation) Act
  • Sonam Wangchuk: Founder of the organization
  • Union Home Ministry: Authority revoking the license
  • CBI: Investigating agency
• 2025-05-28 [Polity & Governance] — MHA: NGOs getting foreign funds can't publish news content
  The Ministry of Home Affairs (MHA) has amended FCRA norms, stating that NGOs receiving foreign funds cannot publish news content.
  More details

  UPSC Angle: MHA: NGOs receiving foreign funds cannot publish news content.

  Key Facts:

  • MHA amends FCRA norms
  • NGOs getting foreign funds can't publish news content

Statutory and Quasi-Judicial Bodies in Economic Governance

Focus: Focus on the establishment, mandate, and operational status of statutory bodies (CCPA, NAA, and GSTAT) designed to regulate market practices and provide dispute resolution.

UPSC Value: Understanding the institutional architecture of economic governance and the role of specialized quasi-judicial bodies is essential for the 'Statutory, regulatory and various quasi-judicial bodies' section of the GS Paper II and III syllabi.

3 news items in this theme:

• 2025-09-24 [Polity & Governance] — Goods and Services Tax Appellate Tribunal (GSTAT)
  The Goods and Services Tax Appellate Tribunal (GSTAT) was launched on 24 September 2025 as a statutory appellate body under GST laws to hear appeals against orders of GST Appellate Authorities. It aims to clear over 4.8 lakh pending appeals, ensuring faster and consistent dispute resolution, with hearings to begin December 2025.
  More details

  UPSC Angle: GSTAT launched as a statutory appellate body under GST laws.

  Key Facts:

  • Launch date: 24 September 2025
  • Purpose: To hear appeals against orders of GST Appellate Authorities
  • Aims: To clear over 4.8 lakh pending appeals
  • Structure: Principal Bench in New Delhi and 31 State Benches across 45 locations
  • Bench Composition: 2 Judicial Members + 1 Technical (Centre) + 1 Technical (State)
  • Hearings to begin: December 2025
• 2025-09-06 [Economy] — Congress questions the future of the National Anti-profiteering Authority (NAA)
  The Congress party has raised concerns about the potential extension of the National Anti-profiteering Authority (NAA), questioning whether it will continue to ensure that Goods and Services Tax (GST) rate cuts are passed on to consumers. Jairam Ramesh, Congress general secretary communications, highlighted that the NAA was established under Section 171 of the Central Goods and Services Tax Act, 2017.
  More details

  UPSC Angle: Not exam-relevant

  Key Facts:

  • National Anti-profiteering Authority (NAA) was established under Section 171 of the Central Goods and Services Tax Act, 2017
  • Concerned about whether GST rate cuts are passed on to the consumer
• 2025-05-23 [Polity & Governance] — Central Consumer Protection Authority in News
  Central Consumer Protection Authority is in the news and may be important for UPSC.
  More details

  UPSC Angle: Central Consumer Protection Authority's role and functions.

  Key Facts:

  • Central Consumer Protection Authority
  • May 23, 2025

MPC Institutional Framework and Governance

Focus: Items focusing on the structural composition, member appointments, and data inputs (Census) required for the functioning of the Monetary Policy Committee.

UPSC Value: Highlights the administrative and legal framework of the MPC, including member tenure and the inflation-targeting review process.

3 news items in this theme:

• 2025-08-25 [Economy] — RBI Review of Inflation Targeting Framework
  The RBI is seeking feedback on four questions about India's monetary policy framework in its five-year review via a discussion paper. The MPC has six members: the RBI Governor (Chairperson), the RBI Deputy Governor in charge of monetary policy, one official nominated by the RBI Board, and three members representing the Government of India. The external members hold office for a period of four years.
  More details

  UPSC Angle: RBI reviews inflation targeting framework.

  Key Facts:

  • RBI reviewing inflation targeting framework
  • MPC consists of six members
  • External members of MPC hold office for four years
  • Inflation target is 4% with a tolerance band of +/- 2%
• 2025-08-23 [Economy] — RBI Nominates Executive Director to MPC
  The Reserve Bank of India (RBI) nominated its Executive Director Indranil Bhattacharyya as an ex-officio member of the Monetary Policy Committee (MPC). The MPC is a statutory body established to set India's benchmark policy interest rate (repo rate), ensuring transparent, credible, and data-driven monetary policy decisions.
  More details

  UPSC Angle: RBI nominates Executive Director to Monetary Policy Committee (MPC).

  Key Facts:

  • RBI nominated Executive Director Indranil Bhattacharyya as an ex-officio member of the Monetary Policy Committee (MPC)
  • Monetary Policy Committee (MPC) is a statutory body
  • MPC sets India's benchmark policy interest rate (repo rate)
  • MPC ensures transparent, credible, and data-driven monetary policy decisions
• 2025-06-12 [Economy] — Census data vital for inflation control and interest rate policy
  The Reserve Bank of India's Monetary Policy Committee relies on the retail inflation rate, based on the Consumer Price Index (CPI), to decide interest rates. Outdated Census data can skew inflation calculations. Accurate Census data is vital for understanding migration, urbanisation, and demand trends, informing both public policy and private sector decisions.
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  UPSC Angle: Census data is vital for inflation control and interest rate policy.

  Key Facts:

  • RBI's Monetary Policy Committee uses retail inflation rate (CPI) to decide interest rates.
  • Outdated Census data can skew inflation calculations.
  • Accurate Census data is vital for understanding migration, urbanisation, and demand trends.

Institutional Adoption of Standards

Focus: Instances of major Indian public and private entities (BWSSB, NTPC, Bank of Baroda) obtaining BIS or ISO certifications for quality and business continuity.

UPSC Value: Highlights the practical implementation of quality and resilience standards across diverse sectors like utilities, power, and banking.

3 news items in this theme:

• 2025-08-19 [Economy] — NTPC Adopts Global Standard for Power Supply Continuity
  NTPC Limited has become the first Public Sector Undertaking (PSU) in the Indian power sector to adopt a comprehensive Business Continuity Plan (BCP) aligned with International Organization for Standardization (ISO) 22301:2019.
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  UPSC Angle: NTPC adopts global standard for power supply continuity.

  Key Facts:

  • NTPC Limited is the first PSU in the Indian power sector to adopt a comprehensive Business Continuity Plan (BCP)
  • Aligned with International Organization for Standardization (ISO) 22301:2019
• 2025-03-15 [Polity & Governance] — BWSSB First Water Board in India with BIS Certification
  BWSSB became the first water board in India to receive BIS certification for its piped drinking water supply system, highlighting its adherence to international quality standards and commitment to providing safe drinking water.
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  UPSC Angle: BWSSB is first water board in India with BIS certification.

  Key Facts:

  • BWSSB first water board in India to receive BIS certification for piped drinking water supply
• 2025-03-04 [Economy] — Bank of Baroda Achieves ISO 22301:2019 Certification
  Bank of Baroda has been awarded the ISO 22301:2019 Business Continuity Management System (BCMS) certification by the British Standards Institution (BSI). This certification underscores the bank's commitment to operational resilience, business continuity planning, and risk management, ensuring uninterrupted banking services during disruptions.
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  UPSC Angle: Not exam-relevant

  Key Facts:

  • Bank of Baroda awarded ISO 22301:2019 certification
  • Certification by British Standards Institution (BSI)