CURRENT AFFAIR FOR 17 SEPTEMBER

1) Insurance Regulatory and Development Authority’s (IRDA’s) insurance repository system was launched by Union Finance Minister P. Chidambaram on 16 September, 2013. This repository system, which is claimed by IRDA as the first-of-its-kind in the world is situated in – Hyderabad(The objective of creating an insurance repository is to provide policyholders the facility to keep insurance policies in electronic form (like shares are kept in Demat account).
Five companies have been given the status of insurance repositories and have been provided with a licence that will be valid till 31 July, 2014. Insurers can enter into agreements with one or more repositories)

2) SEBI on 16 September, 2013 notified new norms for angel investors, who provide funding to companies at their initial stages. This has been done with an objective of giving encouragement to entrepreneurship in the country by financing small start-ups. What are the important points under this notification?

• Angel investors have been allowed to be registered as Alternative Investment Funds (AIFs), which is a newly created class of pooled-in investment vehicles for real estate, private equity and hedge funds
• Investments under angel investing restricted between Rs 50 lakh and Rs 5 crore
• Angel funds can make investments only in those companies which are incorporated in India
• Angel funds needs to be invested in a firm for at least three years
• Angel funds can be availed for companies not older than 3 years
• Angel funds are required to have a corpus of at least Rs 10 crore and minimum investment by an investor should be Rs 25 lakh

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3) Which students’ union association won all the four top posts in the Jawaharlal Nehru University Student Union (JNUSU) elections held on 13 September, result for which were declared on 16 September, 2013? – All India Students Association – AISA (AISA is an ultra-leftist students’ association. AISA’s candidate Akbar Chaudhary won the prestigious post of JNUSU President. AISA candidates Anubhuti Agnes Bara, Sandeep Saurav and Sarfaraz Hamid were elected vice president, general secretary and joint secretary respectively)

4) According to the recently released 2013 World Population Data Sheet released by the US’s Population Reference Bureau, which Indian city has been ranked as the second most populous city in the world after Tokyo? – Delhi (This data sheet estimated Delhi’s population to be 22.7 million as of 2011. This includes population of Delhi and its extended suburbs. Mumbai and its suburbs houses around 19.7 million persons and ranks seventh in the world. Kolkata is the other Indian mega-city in the league of the world’s top 30 populated cities, ranked 10th in this data sheet)

5) An industrial park which was jointly operated by North and South Korea was reopened on 16 September, 2013. This industrial park was closed when tension between the two Koreas reached its pinnacle earlier this year. Which industrial park is this? – Kaesong Industrial Park(The countries agreed to open this industrial park on 10 September. A distinguishing feature of this park established in 2002 is that companies and workers from both Koreas work here together. In April, 2013 first North Korea pulled its workers out of the park followed by a similar action by South Korea. Each side had blamed each other for raising tension)

6) A tropical storm devastated Mexico’s Pacific coast on 15 September, 2013 killing over 24 people and rendering thousands homeless. What was the name given to this storm? – Manuel