ESMA has signed a Memorandum of Understanding with the Reserve Bank of India (RBI) to strengthen supervisory cooperation around CCPs in India and support their potential recognition in the EU.
The agreement is designed to facilitate information-sharing between the two authorities when EU regulators assess whether India-based CCPs meet the requirements to be recognised for use by EU clearing members.
The move is positioned as an important step towards restoring access for EU clearing members to Indian CCPs, following two years of sustained engagement between ESMA and the RBI. ESMA said the MoU underlines its broader push for international supervisory cooperation, with the aim of supporting “safe, resilient and open financial markets” as cross-border activity continues to grow.
In practical terms, the agreement clears a key regulatory hurdle under Article 25 of the European Market Infrastructure Regulation (EMIR), which requires cooperation arrangements to be in place before ESMA can recognise a third-country CCP. With the MoU now signed, the Clearing Corporation of India Ltd (CCIL) – which is supervised by the RBI – is able to re-apply for recognition under EMIR, potentially reopening an operational route for EU firms that clear Indian market activity.
ESMA also noted that discussions are continuing with other Indian authorities, including the Securities and Exchange Board of India (SEBI) and the International Financial Services Centres Authority (IFSCA), with a view to concluding similar cooperation arrangements.
Keep up with all the latest RegTech news here
Copyright © 2026 RegTech Analyst
Copyright © 2018 RegTech Analyst
