RBI Sets Up Technical Consultative Committee for Financial Markets

New Delhi, Nov 4 (KNN) The Reserve Bank of India (RBI) has constituted a Technical Consultative Committee for Financial Markets (TCCFM) to strengthen engagement with market participants and stakeholders amid the evolving financial markets and infrastructure.

The committee will provide a platform for structured discussions on policy and operational matters relating to money markets, government securities, foreign exchange markets, related derivatives and market infrastructure, according to an RBI statement issued on November 4, 2026.

The move follows the announcement made in the RBI's Statement on Developmental and Regulatory Policies dated October 7, 2026.

Committee Composition

The committee will be chaired by the RBI Deputy Governor responsible for the Financial Markets Regulation Department (FMRD). It will include seven external members representing financial institutions, market associations and industry.

The members are Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay; Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Deputy Managing Director of State Bank of India; Neeraj Gambhir, Executive Director at Axis Bank; Shailendra Jhingan, Head of Treasury and Economic Research at ICICI Bank; Aditya Bagree, Managing Director and Head of Markets at Citibank India; Nand Kishore, Managing Director of the Clearing Corporation of India Limited; and Ridham Desai, Managing Director at Morgan Stanley India.

Focus on Market Efficiency and Regulatory Issues

The committee will examine issues concerning the functioning, efficiency, liquidity and resilience of money, government securities, foreign exchange and related derivatives markets. It will also identify measures to deepen and broaden these markets.

Its mandate will cover trading, clearing, settlement and reporting systems, along with the regulatory and operational frameworks governing market infrastructure. The committee will also assess emerging policy and operational challenges, including the implementation of RBI measures and potential market frictions.

In addition, it will consider domestic and international developments, financial innovations and emerging risks affecting Indian financial markets, as well as specific market issues and macroeconomic concerns referred to by the RBI.

The committee will meet at least once every quarter, providing a regular platform for consultation between the central bank and financial market stakeholders.

(KNN Bureau)