Business, Economy & Banking Current Affairs - 2020

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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CSIR to develop new drugs for global market

The Council of Scientific and Industrial Research (CSIR) and Central Drug Research Institute (CDRI) signed an agreement to develop new drugs and repurposing of drugs for India and for global markets. The team research work is also joined by Cipla.

What is Drug Repurposing?

Drug repurposing is identifying new uses of approved or investigational drugs. It is used to treat common and rare diseases. The main advantage of using repurposing drugs is its reduced development cost, shortened development timings and increased use of de-risked compounds.

Cipla association with the institutes

The association of Cipla with the institutes has its origin in 1942. Cipla has also worked with the institutes in formulating the famous drugs called chandonium iodide in 1995. The drug is used against neuro muscular blockers. The drug was a huge hit in Indian and global markets. The gugulipid drug used for treating hypolipidemic was also developed under such venture.

CSIR

The CSIR having a pan-India presence is known for its research and development in S&T areas. It includes oceanography, space physics, drugs, biotechnology, etc. CSIR is currently implementing a mission “New CSIR for New India” to be completed by 2022. The vision of the mission is to enable innovation-driven industry and catalyze inclusive economic development.

The institute holds 84th rank among 4851 institutions in the world according to the Scimago institutions ranking world report.

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SEBI signs pact with Kazakhstan’s AFSA for mutual co-operation 

Markets regulator SEBI (Securities and Exchange Board of India) has signed a bilateral memorandum of understanding (MoU) with Kazakhstan-based Astana Financial Services Authority (AFSA) for mutual co-operation and technical assistance. The MoU was signed by SEBI Chairman Ajay Tyagi and the acting chief executive officer (CEO) of AFSA Mukhtar Bubeyev.

Key Highlights

The objective of pact is to strengthen cross border co-operation in area of securities regulation. Besides facilitating mutual assistance, this co-operation will further contribute towards efficient performance of supervisory functions, as well as enable effective enforcement of laws and regulations governing the securities markets.

SEBI has signed bilateral MoUs with securities regulators of a number of jurisdictions. It is also a signatory to multilateral MoU of International Organisation of Securities Commissions (IOSCO), an association of national securities regulatory commissions that regulate world’s securities and futures markets.

About Securities and Exchange Board of India (SEBI)

It is responsible for regulating Securities market in India. It was first established in 1988 as a non-statutory body for regulating securities market and was given Statutory Powers on 30 January 1992 through Securities and Exchange Board of India (SEBI) Act, 1992.

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