EU equivalence requirements set to hit trade with India

Lack of EU equivalency on financial rules could have negative impact on India

EU regulations where equivalency requirements are necessary are likely to harm the ability of European financial institutions to do business with India as the country's financial regulator, the Reserve Bank of India, has no intention of applying for equivalence, according to Thomas Harris, vice-chairman of Asia at Standard Chartered Bank.

"[The bank] argues these rules make no sense as far as India is concerned," says Harris.

Many EU rules ban European institutions from conducting business in th