Morning Brief: SC Slams Bihar Government; SEBI Moves To Boost Liquidity; Obama Veto Rejected

SC Rebukes Bihar Government

Coming down heavily on Bihar government on Wednesday, the Supreme Court blasted it for being in slumber when Mohammad Shahabuddin was granted bail in 45 cases and for approaching the apex court only after his release on 7 September.

The gangster-turned-politician served as a member of Parliament from Siwan for four successive terms between 1996 and 2008, and was imprisoned for more than 10 years over multiple cases. He was granted bail by the Patna High Court in a murder case on 7 September.

Congress Rejects Obama's Veto

The US Congress on Wednesday overruled President Barack Obama's veto of a legislation that allows the families of American victims of the 9/11 attacks to sue the government of Saudi Arabia. Some victims' families have been pushing for the legislation for the 15 years since the attacks.

This bill would amend a 1976 law that grants other countries broad immunity from American lawsuits. Obama argued that the bill “could be devastating" to the Department of Defence and stated that it can damage America's relationship with Saudi Arabia.

SEBI Moves To Enhance Liquidity

Unveiling a historic step that is expected to deepen the commodities market, SEBI on Wednesday allowed commodity derivative exchanges to introduce trading in options.

Options have been in demand for long and by allowing them, SEBI has clarified that it wants to take these markets ahead and make them hedger-and user-friendly. Commexes will now have to amend some of their rules and regulations to allow options trading on their platform.

SAARC Alternatives Minus Pakistan

A day after pulling out of the SAARC summit in Islamabad, the government is now looking at options to create a model for regional cooperation that will bring together South Asian countries minus Pakistan. The move is in line with Prime Minister Narendra Modi's policy of isolating Pakistan on the global stage.

Prime Minister's invitation to Bangladesh, Sri Lanka and Bhutan for the BIMSTEC outreach summit is also begin seen as an attempt to create an alternative order in the region that excludes those who harbour and sponsor terror proxies as extensions of foreign policy.

MUST READ OP-EDS
Good Days Ahead For Economy: India is trying to massively build its productive capacity. Its growth remains one of the best in the world at around 7.5 per cent. The fact that India is growing, despite its banking problems, exemplifies how it could accelerate while addressing those problems.

The Fantasy Of A Silver Bullet: The value of a cross-border strike is not in its potential to resolve conflict – any such expectation is delusional. Rather, it is the assurance of a punitive response, even one that is held back to a time and place of Delhi’s choosing.

A Trilateral Aimed At Pakistan: The renewed trilateral engagement will work only if there is a sustained momentum towards deliverable outcomes. The Pakistani military-intelligence apparatus will do its best to scupper this initiative and will lash out in response to its growing marginalisation.

SWARAJYA SPECIAL

In Peres’ Passing Away, Israel Grieves For A Leader; India, For A Friend: As Shimon Peres rests in peace, India and Israel are cooperating on various fields. From exchanging agricultural technologies to developing together surface-to-air missiles. As Israel sits Shiva (seven days of mourning) for one of its founding fathers, Indians share a grief. In the history of India and Israel, the love Peres held for India, will be always be remembered.

We hope you enjoyed reading our morning brief. Have a great day ahead!

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