INDIA'S FINANCIAL SECTOR regulators led by the Reserve Bank of India (RBI) are learnt to have refused to give the European Securities and Market Authority (ESMA) supervisory powers over Indian clearing corporations (CCs) servicing European banks, even as the April 30 deadline set by the European market regulator passed.
"The question of yielding to a foreign regulator doesn't arise," a senior Indian policymaker, who did not wish to be identified, told FE.
Besides RBI, the Securities and Exchange Board of India (Sebi) and the International Financial Services Centres Authority (IFSCA) also supervise some CCs in India.
ESMA had asked the Indian regulators to sign an agreement giving it the power to monitor and supervise six Indian CCs, which the European Union (EU) market regulator recognised as Third Country Central Counterparty (TC-CCP) in European Union.
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