UPSC Prelims
5 Topics
Prelims Pinpointer
Prelims Pinpointer — September 10, 2026
Today’s high-yield Prelims facts — the IPO/OFS boom, India-Sri Lanka’s L70 Guns MoU, Ladakh’s proposed Chapter ‘K’, the marital rape exception before the Supreme Court, and MoSPI’s new double-deflation GDP method
📊 OFS & IPO Boom
🤝 India-Sri Lanka Defence
🏔️ Ladakh Chapter ‘K’
⚖️ Marital Rape Exception
📈 New GDP Series
📊
Offer for Sale (OFS) and India’s IPO Boom
News Context
- India is seeing a record IPO boom, but a large share of proceeds is coming through Offer for Sale (OFS) rather than fresh capital — in FY26, OFS made up about 59% of total IPO proceeds.
Key Facts for Prelims
- An IPO can have a Fresh Issue (money goes to the company) and/or an OFS (existing shares sold by promoters/investors — money goes to sellers, not the company).
- OFS was introduced by SEBI in 2012, originally to help promoters meet Minimum Public Shareholding (MPS) norms (at least 25% public shareholding).
- OFS technically enters through the primary market but behaves like a secondary-market transaction since no new shares are created; it can be bundled into a company’s very first IPO prospectus (Red Herring Prospectus).
- Government uses OFS as a disinvestment tool for CPSEs — e.g. ONGC, NMDC, Oil India, NTPC, SAIL.
RHP vs DRHP
DRHP is submitted to SEBI for review; RHP is the preliminary document issued before the IPO, missing only final price/share count.
Regulator & Exchanges
SEBI regulates IPO/OFS; transactions are carried out through NSE and BSE.
Exam trap: In India, OFS timing can be bundled within the IPO itself (primary market); in the US/Europe/Japan, secondary sales usually happen only after the company is already public.
Source: The Hindu
🤝
India-Sri Lanka Defence Cooperation: L70 Guns MoU
News Context
- Defence Minister Rajnath Singh visited Sri Lanka and signed three MoUs with President Anura Kumara Dissanayake — the first visit by an Indian Defence Minister to Sri Lanka in nearly 40 years.
Key Facts for Prelims
- MoU 1: upgradation of L70 Guns (anti-aircraft guns) for the Sri Lankan Air Force; MoU 2 & 3: cooperation between the National Cadet Corps (NCC) and National Defence Colleges of both countries.
- Comes over a year after PM Modi’s 2025 visit, during which seven MoUs were signed, including an overarching defence sector agreement.
- Discussions also covered the Palk Strait fisheries issue and drug trafficking cooperation.
Colombo Security Conclave
Regional maritime security grouping — India, Sri Lanka, Maldives, Mauritius and observer states — on maritime security, terrorism and trafficking.
Neighbourhood First Policy
India’s foreign policy approach prioritising relations with South Asian neighbours through defence, connectivity and economic cooperation.
Source: The Hindu
🏔️
Ladakh’s Demand for Statehood: Proposed Chapter ‘K’
News Context
- The MHA has proposed a new Chapter ‘K’ under Article 371 for Ladakh, aiming to create an elected UT-level body with legislative powers — activists (including Sonam Wangchuk) were left disappointed as no formal draft was shared.
Key Facts for Prelims
- Article 371 (chapters A-J) currently applies to 12 States — Nagaland, Assam, Manipur, Mizoram, Maharashtra, Gujarat, Andhra Pradesh, Telangana, Arunachal Pradesh, Goa, Sikkim, Karnataka — never before to a UT.
- Proposed powers for the elected body: land, culture/language, forest, environment and natural resources — subjects currently under Article 240 (President’s law-making power for certain UTs).
- Since 2019, Ladakh has been a UT without a legislature, following the abrogation of Article 370 and bifurcation of J&K.
| Provision | What It Does |
|---|---|
| Sixth Schedule | Autonomous district councils — Assam, Meghalaya, Tripura, Mizoram |
| Article 371 (A-J) | Special provisions for 12 States |
| Statehood | Full legislature and government — demanded by Ladakh, not yet granted |
Exam trap: UTs WITH a legislature: Delhi, Puducherry, J&K. UTs WITHOUT one: Ladakh, Chandigarh, A&N Islands, Lakshadweep, DNH & Daman and Diu.
Source: The Hindu, Indian Express
⚖️
Marital Rape Exception: Supreme Court’s Observations
News Context
- A three-judge Bench headed by CJI Surya Kant said it is for Parliament to decide whether non-consensual sex within marriage should be made a crime, since current law exempts marital rape.
Key Facts for Prelims
- Provision under challenge: Exception 2 to Section 375, IPC; corresponding provision now is Section 63, BNS (2023) — wife’s age threshold raised from 15 to 18 years.
- J.S. Verma Committee Report, 2013 had called the marital rape exception regressive.
- Key constitutional articles: Article 21 (dignity/autonomy) and Article 20 (protection against ex-post facto laws, cited on judicial caution about creating new criminal liability).
IPC → BNS
Section 375 (IPC) → Section 63 (BNS, currently in force); marital rape exception carried forward with a raised age threshold.
Reading Down / Ultra Vires
Courts interpreting a law narrowly to make it constitutional, or striking it down for exceeding constitutional limits.
Source: The Hindu, Indian Express
📈
New GDP Series: Double Deflation and PPI
News Context
- MoSPI has switched to the Producer Price Index (PPI) for “double deflation” under the new 2022-23 GDP series, explaining recent revisions in growth numbers.
Key Facts for Prelims
- New GDP series released 27 February, base year 2022-23; Q4 real GDP growth revised upward from 7.8% to 8.6%.
- Single deflation uses the same price index for inputs and outputs; double deflation adjusts each separately — more accurate when input/output prices diverge.
- PPI measures prices received by producers at the factory gate, excluding taxes, trade and transport margins — replacing WPI (goods-only) sub-indices used earlier for services.
| Index | Covers / Published By |
|---|---|
| CPI | Goods & services (retail) — NSO, MoSPI |
| WPI | Goods only (wholesale) — Office of Economic Adviser |
| PPI | Factory-gate prices — MoSPI (new GDP deflation use) |
Source: Indian Express
