The Supreme Court ruled that the Bar Council of India (BCI) and State Bar Councils lack jurisdiction to discipline or penalize law students exercising their constitutional right to protest. Hearing a petition by NALSAR graduates against BCI's punitive actions, the bench led by Chief Justice Surya Kant clarified that the Advocates Act, 1961, limits the BCI's disciplinary powers exclusively to registered advocates. The apex court emphasized that only universities or competent authorities possess the authority to discipline students, safeguarding academic autonomy and freedom of speech in educational institutions.
The Supreme Court ruled that the Bar Council of India has no statutory power under the Advocates Act, 1961, to take disciplinary action against law students.
The court protected students' constitutional right to peaceful protest and free speech in academic spaces against regulatory overreach.
Disciplinary powers of the BCI are strictly confined to registered advocates, leaving student discipline solely to parent universities.
Exam Points
The Supreme Court bench was led by Chief Justice Surya Kant.
The ruling pertains to the limits of the Advocates Act, 1961.
The case involved NALSAR graduates threatened by BCI over protests against the Chief Justice of India's remarks.
The National Accounts Statistics reported the manufacturing sector's Gross Value Added (GVA) at ₹386.6 lakh crore for 2023-24 at current prices, constituting 14.7% of GDP. However, an 'Alternative Estimate' using data from the Annual Survey of Industries (ASI) and Annual Survey of Unincorporated Sector Enterprises (ASUSE) shows a significantly lower figure of ₹274.4 lakh crore, creating a massive gap. This discrepancy stems from differing definitions, methodologies, and uncaptured potential GVA of residual workers. Economists emphasize that accurate estimation of GVA is critical for fiscal governance, policy formulation, and transparent economic planning.
Official NAS estimates put manufacturing GVA at ₹386.6 lakh crore for 2023-24, while alternative ASI and ASUSE data show ₹274.4 lakh crore.
The significant gap arises from varying definitions, data sources, methodologies, and uncaptured potential GVA of residual workers.
Potential GVA of residual workers not captured by ASI/ASUSE is estimated to be ₹3.1 lakh crore.
Exam Points
Manufacturing GVA according to NAS for 2023-24 is ₹386.6 lakh crore (14.7% of GDP).
The alternative estimate via ASI and ASUSE is ₹274.4 lakh crore, which is 40.9% lower.
Potential GVA of residual workers not captured by ASI/ASUSE is estimated at ₹3.1 lakh crore.
The Supreme Court disposed of a batch of appeals filed by SEBI against the National Stock Exchange (NSE) regarding co-location and dark fibre cases, following a settlement of nearly ₹1,500 crore between the regulator and the exchange. A bench of Justices J.B. Pardiwala and K. Vinod Chandran set aside dissenting directions issued by the Securities Appellate Tribunal (SAT). The settlement comes just ahead of the NSE's anticipated stock market debut, effectively resolving a decade-old regulatory dispute concerning allegations of preferential access given to certain brokers.
The Supreme Court disposed of SEBI's appeals against NSE after a ₹1,500 crore settlement involving co-location and dark fibre cases.
The settlement comprises ₹1,224 crore for the co-location case and ₹268 crore for the dark fibre case.
The resolution clears a nearly decade-old regulatory dispute, allowing NSE to move forward with its much-anticipated stock market debut.
Exam Points
Total settlement amount is nearly ₹1,500 crore (₹1,224 crore plus ₹268 crore).
The bench comprised Justices J.B. Pardiwala and K. Vinod Chandran.
Allegations of unfair access first surfaced through a whistleblower complaint in January 2015.
The Parliamentary Standing Committee on Finance strongly criticized the current Income Tax regime for relying excessively on punitive action and granting tax officials significant scope for overreach. During a meeting on Tax Reforms, members raised concerns about compliance-related glitches in the implementation of the Income Tax Act, 2026, the growing tax burden on individual taxpayers relative to corporations, and the issuance of notices that require taxpayers to prove compliance. The panel sought detailed data from the Central Board of Direct Taxes (CBDT) on revenue collections, number of assessees, and pending litigation.
The Parliamentary Standing Committee criticized the Income Tax regime for its punitive approach and overreach potential.
Members highlighted that individual taxpayers are increasingly bearing a disproportionate tax burden compared to corporate collections.
The panel raised concerns over frequent notices forcing taxpayers to prove compliance, which undermines taxpayer trust.
Exam Points
The panel is headed by BJP MP Bhartruhari Mahtab.
The committee seeks information on the implementation glitches of the Income Tax Act, 2026.
Submissions were made by representatives of the Department of Revenue and CBDT.
Iran launched missile and drone strikes against U.S. military targets in West Asia, including Kuwait's Ahmed al-Jaber Air Base, following renewed threats of strikes by U.S. President Donald Trump. While Kuwait intercepted attacks and condemned the breach of sovereignty, the Iranian Revolutionary Guards claimed responsibility, vowing to avenge casualties resulting from previous U.S. bombardments. U.S. Central Command confirmed no U.S. military targets were damaged, though regional allies expressed grave concern over the widening conflict, highlighting the escalating risk of a broader regional war.
Iran launched missile and drone attacks targeting U.S. military bases across West Asia, including Kuwait.
The Islamic Revolutionary Guard Corps vowed retaliation and revenge for casualties resulting from prior U.S. airstrikes.
U.S. Central Command stated that U.S. military targets were unaffected, contrasting with Iranian claims of successful strikes.
Exam Points
The targeted facility in Kuwait was the Ahmed al-Jaber Air Base.
U.S. Central Command (CENTCOM) confirmed no damage to U.S. military assets.
Tensions have significantly flared over a renewed six-month escalation window.
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