For the purposes of paragraph 6 of Article 25 of Regulation (EU) No 648/2012, the legal and supervisory arrangements of India consisting of the Securities Contracts (Regulation) Act 1956, the Securities Contract (Regulation) (Stock Exchange and Clearing Corporations) Regulations 2012 and the Circular of 4 September 2013 and applicable to recognised clearing corporations authorised therein shall be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.

For the purposes of paragraph 6 of Article 25 of Regulation (EU) No 648/2012, the legal and supervisory arrangements of India consisting of the Payment and Settlement Systems Act, 2007 and the Payment and Settlement Systems Regulations, 2008, as complemented by the Policy Document for Regulation and Supervision of Financial Market Infrastructures, and applicable to authorised clearing houses authorised therein shall be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.

For the purposes of Article 25(6) of Regulation (EU) No 648/2012, the legal and supervisory arrangements of India consisting of The Securities Contracts Regulations Act, 1956, The International Financial Services Centres Authority Act, 2019 and the Market Infrastructure Institutions Regulations, 2021 and applicable to CCPs established in the International Financial Services Centres shall be considered to be equivalent to the requirements laid down in Regulation (EU) No 648/2012.