India’s sovereign debt clearinghouse sent an application to European authorities to be recognized as a permitted trading counterparty, according to people familiar with the developments, potentially paving the way for lenders like Deutsche Bank AG and BNP Paribas SA to trade bonds more easily in the country.
The Clearing Corp. of India Ltd. sent an application earlier this month to the European Securities and Markets Authority for recognition under European market infrastructure guidelines, the people said, asking not to be named discussing private matters. A final decision is yet to be made, the people said.
An ESMA spokesperson declined to comment on the matter. CCIL didn’t respond to an email seeking comment.
The move comes after ESMA and the Reserve Bank of India signed an agreement in late January ending a yearslong dispute about oversight of the central bank-supervised clearinghouse that deals with government bond, money market and derivatives transactions. ESMA had announced the withdrawal of CCIL’s recognition in October 2022, while the RBI maintained that demands for access to the books of the clearing house interfered with domestic regulations.
European banks are key market-makers for Indian bonds and derivatives. While they’re currently able to work with CCIL, trading with unrecognized clearinghouses triggers additional charges.
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Published on April 21, 2026