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ESMA withdraws recognition granted to Indian clearing corporations

Move on account of lack of cooperation arrangements between the EU regulator and Indian authorities

Photo: Bloomberg
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Photo: Bloomberg

Samie Modak Mumbai
The European Securities and Markets Authority (ESMA), the financial markets regulator of the European Union (EU), has withdrawn the recognition granted to six Indian clearing corporation due to “no cooperation arrangements” between ESMA and Indian regulators, which include Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and International Financial Services Centres Authority (IFSCA).

The six clearing corporations—central counterparties (CCPs), as ESMA calls it—are the Clearing Corporation of India (CCIL), Indian Clearing Corporation Limited (ICCL), NSE Clearing Limited (NSCCL), Multi Commodity Exchange Clearing (MCXCCL), India International Clearing Corporation (IFSC) Limited (IICC) and NSE IFSC Clearing Corporation (NICCL).

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