RBI’s Sankar Says Europe Securities Regulator Is Overreaching

India needs to raise its concerns about demands by the European Securities and Markets Authority on banks operating in the South Asian nation and debate the limits of that regulator’s jurisdiction, a central bank deputy governor said.

“Financial Benchmarks India Pvt. Ltd. cannot be subject to regulations by ESMA, CFTC, Japan, UK and probably other countries. That’s very clearly an inefficient arrangement,” Reserve Bank of India’s T. Rabi Sankar said at an industry event in Mumbai on Monday. “We have to generate a debate, and take it up with these countries.”

Indian and European regulators are clashing over broadening the ...