Foreign banks in regulatory standoff seek RBI relief on trading rules

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Foreign banks in regulatory standoff seek RBI relief on trading rules - Business Standard

Quick Summary:

On the other hand, gilt account holders must settle transactions through CSGL accounts held with their primary members.

The delay leaves the banks with limited options: either await a memorandum of understanding between the RBI and Esma or hope for an extension from French and German regulators.

The dispute arose in October 2022 when Esma de-recognised the Clearing Corporation of India Limited (CCIL), citing a lack of audit and inspection rights over the local clearing house.