Foreign regulators must respect our credibility: RBI governor on ESMA row

On Oct 31, ESMA de-recognised CCIL apparently over RBI's refusal to grant audit and inspection rights; Move has potential to hamper bond and derivative trading operations of European banks in India

Commenting publicly for the first time on the decision of certain European regulators to de-recognise domestic clearing houses, Reserve Bank of India Governor Shaktikanta Das said that it is necessary for overseas regulators to appreciate the credibility of Indian rules.

“We comply with all international standards. Our market infrastructure is very robust, I think it is also necessary for regulators on the other side to appreciate our credibility. They must trust the credibility and the strength of Indian regulations. That is what we are trying to impress upon them,” Das said at a press conference following the announcement of the