India rejects EU demand to audit Indian Financial Firms. RBI, SEBI reject EU's jurisdiction. https://www.youtube.com/watch?v=uHoUK-poBws 11 oct 2024
https://www.thehindubusinessline.com/markets/indian-regulators-may-follow-2013-formula-to-deal-with-europe-regulator-on-clearing-corporations/article66104661.ece Last week, ESMA de-recognised six Indian CCs due to “no co-operation arrangements” between ESMA and the Indian regulators and set April 2023 deadline for the European banks to stop doing business with them. But the view in India is that an agreement with the ESMA would give it the power to deeply supervise Indian CCs, which have a status of core (also sensitive) market infrastructure institutions. Nov 2022
India Will Not Let Europe Audit Domestic Financial Settlement Firms: https://www.ndtvprofit.com/business/indian-financial-regulators-not-to-give-in-to-europes-auditing-demands-report-3506303 Report 10 Nov 2022
Finance lobbies call on India and EU to cut a deal amid RBI-ESMA rift over clearing houses https://economictimes.indiatimes.com/industry/banking/finance/banking/finance-lobbies-call-on-india-and-eu-to-cut-a-deal-amid-rbi-esma-rift-over-clearing-houses/articleshow/97786695.cms
https://www.naavi.org/wp/india-stands-up-against-eu-demand/ Four EU banks namely, Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas have sought RBI and ESMA (European Securities and Market Authority) to resolve the differences. The point of controversy is that ESMA wants a right to audit CCIL (Clearing Corporation of India) in order to allow the EU Banks invest in Indian securities through CCIL.,,
According to the report in Business Standard the concerns revolve around client confidentiality, in the context of third-party clearing, especially for custodian banks tasked with holding securities on behalf of other financial entities.
Banks have now sought an extension of at least 6 months from their national regulators to provide extension of the current deadline.