Europe's ESMA wish to audit CCIL 'extra jurisdictional', will never agree to the demand: RBI DG
extra jurisdictional" in its wish to audit the Clearing Corporation of India (CCIL) and India will never accede to its demands. Speaking at the annual BFSI event run by Business Standard here, Sankar said with a deadline to find a solution lapsing in October, no «specific deadline» has been set to settle the over two-year old imbroglio.
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«The issue is that we have taken a very consistent stand that ESMA is being extra jurisdictional in telling us how we should do regulation,» Sankar said, adding that India had taken an accommodative stance on it but the European law does not allow for it.
Without elaborating on any specifics, he, however, said there are some discussions that are continuing but made clear India's stand on it.
«There is no way we can agree to that. It is not possible to agree to that without compromising on your sovereignty of, you know, policymaking. There is no way anyone can agree. If other countries have agreed, I do not understand how they have,» Sankar said.
To explain the issue, Sankar gave the analogy of a kid going around houses in a neighbourhood, and wondered how a neighbour can be allowed to inspect the house next door where the kid goes to play and that too, on a periodical basis.
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