The TESCo, an African financial intermediary, has signed a deal with African Financial Institutions, the Financial Conduct Authority of the African Union, and the Financial Markets Authority of South Africa to allow it to trade and trade derivatives with the Indian financial markets.
The deal will also allow TESco to enter into financial services agreements with banks and other financial institutions in South Africa and Kenya, according to the FCA.
TESCO has also been awarded an FCA-approved licence to export derivatives to Nigeria, which are the products of TESCorp’s Indian subsidiary, the Finance Corp of India Ltd (FCIL).
The FCA has approved the TETESCO-FCIL deal in November 2017, when it was first approved.
The FCA’s regulatory review panel also had approved TES Corp’s $1.1 billion investment in FCIL in March 2017, in the same month it was granted an FCE licence.
The FCE, the agency charged with enforcing anti-money laundering and counter-terrorist financing laws, said in a statement to The Hindu that it was reviewing the FCE’s decision and that it would take appropriate action as a result.
TECO said in its statement that it had signed the deal in October 2017.TESC and FCIL are both based in the United States.
The two companies have been operating in Nigeria since 2010.