A European regulatory authority has decided to derecognize as many as six Indian clearing houses that settle trade for European banks like Deutsche Bank and BNP Paribas in India. The regulator, European Securities and Markets Authority (ESMA), wants to inspect Indian trade clearing bodies. RBI and SEBI have said it has no jurisdiction over the clearing houses. At stake are the businesses of all European banks operating in India. Ministries of finance in India and European countries are trying to convince their regulators to come to a middle ground, given India and the EU’s improving relations. Sebi is willing to relent. RBI is not. Who will blink? TMB host Dia Rekhi and Anirban Chowdhury speak to Viraj Kulkarni, Founder of Pivot, Asia's Largest Consulting Company in the Securities Services Space, and Sugata Ghosh, Associate Editor at The Economic Times to discuss more.
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