Current Affairs – July, 2015

Latest Current Affairs July, 2015 with Current Affairs, news summary on current events of National and International importance of July, 2015 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

PDF Compilation of these updates can be downloaded from This Link

Cyclone Komen makes landfall in Bangladesh

Cyclone Komen made landfall in Cox’s Bazar in Bangladesh. The cyclone has caused heavy rains that inundated vast areas of the coastal towns of Bangladesh, West Bengal and Odisha.

Land affected areas due Cyclone Komen include eastern countries north in Bay of Bengal. They are Bangladesh, Myanmar, East India and Northeast India.

Under the influence of cyclone, several coastal districts of low-lying areas and their offshore islands are likely to be inundated with high tides.

It was formed due to generation of depression over the Northern Bay of Bengal, which later turned into a cyclonic storm. It is had attained the wind speed of from 65 to 75 kmph.

Indian Meteorological Department (IMD) has forecasted that this cyclone will bring very heavy rainfall along with it in the Gangetic West Bengal and Odisha of India. After making landfall in Bangladesh it will further move west-north-westwards and weaken gradually.

SEBI cancels Sahara’s mutual fund licence

Securities and Exchange Board of India (SEBI) has cancelled licence of Sahara asset Management Company (AMC). The license will stand cancelled after sixty days from the date of the order.

The apex market regulator took this decision as Sahara AMC is not fit to carry out the business of mutual fund.

It has directed the company

  • Not to take any new subscription from the investors including existing investors in systematic investment plans.
  • Not levy any penalties on the investors for not depositing the installments.

Background

Presently, Sahara Group is in financial crisis due to its involvement in a legal tussle with the SEBI over optionally fully convertible debentures. SEBI has directly ruled that these debentures are illegal and has directed Sahara group to refund the money collected through fully convertible debentures to investors along with interest. The matter is currently before the Supreme Court.

Advertisement