ESMA, the EU's financial markets regulator, has signed a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI). This agreement facilitates cooperation and information exchange regarding the recognition of Indian central counterparties (CCPs). It follows a similar MoU earlier this year between ESMA and the Reserve Bank of India (RBI). This marks a significant step towards restoring EU clearing members' access to Indian CCPs. The agreement is the culmination of over two years of engagement between ESMA and Indian authorities. It reflects ESMA's commitment to international supervisory cooperation for safe and resilient financial markets. This MoU enables Indian CCPs supervised by SEBI to re-apply for recognition under EMIR. It is a crucial requirement under Article 25 of the European Market Infrastructure Regulation (EMIR). ESMA is also engaged in discussions with the International Financial Services Centres Authority (IFSCA) for a similar cooperation arrangement.