As the European Securities and Markets Authority’s (ESMA) deadline to derecognize six Indian clearing houses approaches, a stalemate persists between European and Indian regulators.
In October, ESMA withdrew the recognition of six Indian clearing houses after a previous agreement between the European Union and Indian regulators expired. ESMA has sought to revise the pact, but Indian regulators have resisted granting supervisory powers to inspect Indian clearing corporations. The prior memorandum of understanding (MoU) lapsed in March last year.
In October, ESMA said it would defer the derecognition plan till 30 April.
“There have been discussions between the Reserve Bank of India (RBI) and ESMA, but the matter is still unresolved after six months," said a person aware of the development, adding that ESMA is unlikely to extend the deadline any further.
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