The Clearing Corporation of India (CCIL) will be able to reapply for recognition by the European Union's (EU) financial markets regulator following a pact signed on Tuesday between the Reserve Bank of India (RBI) and the European Securities and Markets Authority (Esma).
The bilateral MoUs were signed in pursuance of the EU Alternative Investment Fund Managers Directive which requires that adequate supervisory cooperation arrangements are put in place between EU and non-EU supervisory authorities including Sebi.
The credit ratings business is dominated by Moody's, Standard & Poor's and Fitch
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