The European Securities and Market Authority (ESMA), the EU's financial markets regulator and supervisor, in accordance with the European Market Infrastructure Regulation (EMIR) withdrew recognition from six Indian central clearing houses on Oct. 31. The decision essentially bars all European banks from doing business with the Indian clearing houses after April 30 next year.source https://economictimes.indiatimes.com/industry/banking/finance/banking/indian-financial-regulators-may-rebuff-europe-demands-sources/articleshow/95413822.cms
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