The Reserve Bank of India (RBI) has asked select foreign banks to approach their respective regulators and draft letters requesting that European bodies drop requirements to audit and inspect the Clearing Corporation of India (CCIL).
The move is a fresh step in resolving the issue surrounding the European Securities and Markets Authority’s (ESMA) decision to de-recognise the CCIL following the RBI’s refusal to permit rights of an external regulatory audit. Following a significant softening in the stance of the European regulators, the RBI is said to be more amenable to settling the dispute.
Source:
Economic Times
