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Indian financial regulators may rebuff Europe demands

November 10, 2022

Indian financial regulators may rebuff Europe demands

Indian financial market regulators are unlikely to provide their European counterpart supervisory and auditing powers over domestic clearing corporations and expect them to extend an April 2023 deadline to adhere to new norms, two sources said.

The European Securities and Market Authority (ESMA), the EU’s financial markets regulator and supervisor, in accordance with the European Market Infrastructure Regulation (EMIR) withdrew recognition from six Indian central clearing houses on Oct. 31.

The decision essentially bars all European banks from doing business with the Indian clearing houses after April 30 next year.

A senior Indian official aware of the discussions between the Indian regulators and the ESMA, said neither side wanted the disagreement to undermine financial relations.

“Nobody wants to walk over the cliff. Neither Europe nor India,” said the official, who declined to be identified.

“While the ESMA has extended this until April, they will probably extend this even further. So this might go on for a couple of years, but they don’t want to give a couple of years right away because that will take the pressure off everybody,” he said.

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