European banks operating in India seek 2-year breather for ESMA deadline

Resolution between ESMA, RBI before May 1, 2023 seen as unlikely

European banks operating in India have requested regulators in their home countries and the European Securities and Markets Authority (ESMA) to extend the deadline by two years for de-recognising the Clearing Corporation of India (CCIL), sources said.

It seems highly unlikely that a solution could be found by the ESMA and the Reserve Bank of India (RBI) before the existing deadline of May 1, 2023, sources told Business Standard.

“Now the European Commission has been involved. It’s not just the ESMA and the RBI anymore. The European banks and the people who are in charge of regulatory affairs have been