Trust credibility of Indian norms: RBI to foreign regulators?

“It is important that regulators from the other side understand and trust Indian regulations’ credibility and strength. Das stated this in the post-policy dialogue with the media.

European Securities and Markets Authority (ESMA) announced in October that it would withdraw recognition of six Indian third-country central counterparties (TCCPs) — the Clearing Corporation of India, Indian Clearing Corporation Ltd. (ICCL), NSE Clearing Ltd. (NSCCL), Multi Commodity Exchange Clearing Clearing (MCXCCL), India International Clearing Corporation Ltd. (IFSC) Ltd. (IICCL), and NSE IFSC Clearing Corporation Ltd. (NICCL) — as part of Regulation (EMIR) (EMIR) (EMIR) However, it stated that the withdrawal decision would take effect on May 1, 2023. Similar decisions were also made by the Bank of England.

CCPs serve two primary functions: they act as an intermediary in transactions, clearing and settlement, and they also guarantee the terms of trades.

Das also stated that India’s current market infrastructure is stronger than it was 10-30 years ago.

He stated that “we are fully compliant to the Committee on Payments and Market Infrastructures(CPMI) guidelines, under the aegis the Basel framework and comply with all the CPMI and International standards.”

CPMI, an international standard-setting body, promotes, monitors, and makes recommendations regarding the safety and efficiency in payment, clearing and settlement. This supports financial stability.

It serves as a forum to facilitate central bank cooperation in matters related to oversight, policy, and operational matters, as well providing central bank services.

T Rabi Sankar, RBI Deputy Governor, stated that the main point of divergence among the RBI and European regulators was that an Indian entity which does not operate in Europe (EU), but operates exclusively in India is being subject to regulation by an EU regulator.

“Like Japan we have an agreement, they just went ahead. They did an assessment, and it was good enough. It’s equivalent. Similar things are possible. Sankar stated that we are working towards this goal.

Japan’s Financial Services Agency (FSA) and the RBI exchanged letters of cooperation on November 30, 2003 in the area of CCPs. This was to improve mutual cooperation.

Sankar stated that discussions are ongoing with ESMA and hoped for some kind of understanding.

“There are no disturbances as of right now. He said that if there is any chance of disturbance, we’ll be prepared.”


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