RBI, ESMA Sign MoU On Clearing Corporation Recognition

02 Feb 2026 CW Team

With the approval of the Union Cabinet, the Reserve Bank of India has signed a Memorandum of Understanding with the European Securities and Markets Authority during the visit of the President of the European Council and the President of the European Commission to India on January 27, 2026.

The primary objective of the MoU is to facilitate the formal recognition of the Clearing Corporation of India Ltd. and other central counterparties regulated by the RBI by ESMA. Such recognition is expected to strengthen cross-border financial market linkages and enhance the global standing of India’s clearing infrastructure.

The MoU reflects a statement of intent between the RBI and ESMA regarding cooperation on regulatory and supervisory practices for the covered central counterparties. Under the arrangement, the two authorities will consult, cooperate and exchange information on the supervision of these entities and on monitoring their compliance with recognition requirements, to the extent permitted by applicable laws and regulations.

As part of this framework, ESMA will rely, where appropriate, on the regulatory and supervisory regime of the RBI, while acknowledging that the RBI remains fully accountable in India for ensuring the resilience and stability of the covered central counterparties under its oversight.

The MoU does not create legally binding obligations, confer enforceable rights or override domestic laws in either jurisdiction. It has come into effect from the date of signing and will remain operative for an indefinite period.

The agreement is seen as an important step in deepening financial cooperation between India and the European Union, supporting greater integration of financial markets and smoother cross-border participation.

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