July 16 2018
In the wake of backlash from some countries, differences have cropped up among custodian banks, with many unwilling to tag jurisdictions like Mauritius, Cayman and UAE as ‘high-risk’.
British bank HSBC wants a rethink on the list of 25 ‘high-risk’ countries that was submitted to capital markets regulator Securities and Exchange Board of India (Sebi) by five global banks (which are among the custodians for foreign portfolio funds investing here.)