India wants global bond index operators to consider the local settlement of its government securities if they are included in their indexes, a government official said on Thursday.
Media reports last week said JP Morgan had started new consultations with investors about adding India to its emerging market index, rekindling expectations of an imminent listing of the country's securities.
The Indian government began considering listing its debt in global indexes in 2019 and has been in discussions with J.P.Morgan and Bloomberg-Barclays, while also talking to Euroclear about clearing and settlement.
A global bond index listing plan was widely expected to be announced early this year but the government's stance on the treatment of capital gains has hindered progress in talks with index operators, government officials have said.
"The discussions are going on with some top index operators and we are happy they are understanding our point of view," the official said on Thursday.
Bonds listed on global indexes are typically settled outside the country's borders via international settlement platforms such as Euroclear.
"Why can't these bonds be settled within our borders?" said the official, who did not want to be named.
The official did not comment on when an index listing might be announced, but said a listing may not happen immediately.
The finance ministry did not immediately reply to an email and message seeking comment.
India has one of the largest bond markets among emerging-market economies with more than $800 billion in outstanding debt.
Long-standing restrictions on foreign buying of India's bonds have kept it out of the top benchmarks used by global money managers.
(Reporting by Aftab Ahmed; Editing by Edmund Klamann)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app