JPMorgan said India will stay on its radar for inclusion in its emerging market local currency debt index
JPMorgan said India will remain on its radar for inclusion in its influential emerging market local currency debt index after its latest review on Tuesday, dashing hopes of inclusion of Asia's third largest economy in its index this year.
Some investors had hoped the Wall Street bank would move towards including Indian bonds this year, following Russia's exit from the widely-followed benchmark.
But others cited "investment hurdles that need to be resolved, including a lengthy investor registration process and the operational readiness required for trading, settlement and custody of assets onshore," said JPMorgan in a statement.
Last month, Reuters reported Asia's third largest economy's long wait to win inclusion in JPMorgan's index was set to be pushed out into next year due to a number of issues New Delhi needs to address.
The latest setback for India's government bond inclusion follows Global index provider FTSE Russell announcement on Sept. 30 that also deferred its inclusion in its FTSE Emerging Markets Government Bond Index (EMGBI).
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