The Reserve Bank of India (RBI) has constituted a Technical Consultative Committee for Financial Markets (TCCFM) to facilitate structured engagement with market participants and stakeholders on policy and operational issues amid the rapid evolution of financial markets and infrastructure.
The move follows the announcement made in the RBI’s Statement on Developmental and Regulatory Policies dated October 7, 2026. The committee will serve as a forum for consultations on money markets, government securities, foreign exchange markets, related derivatives markets and their supporting infrastructure.
Deputy Governor to head committee
The committee will be chaired by the RBI Deputy Governor in charge of the Financial Markets Regulation Department (FMRD).
Its seven external members include Ananth Narayan, former Whole Time Member of the Securities and Exchange Board of India (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; and Neeraj Gambhir, Executive Director of Axis Bank.
The other members are 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 Clearing Corporation of India Limited; and Ridham Desai, Managing Director of Morgan Stanley India.
Focus on market efficiency and resilience
The committee’s terms of reference cover issues relating to the functioning, efficiency, liquidity and resilience of money, government securities and foreign exchange markets, along with associated derivatives markets.
It will also examine measures to deepen and broaden these markets, as well as issues concerning trading, clearing, settlement and reporting systems and other market infrastructure. The associated regulatory and operational frameworks will also come under its review.
Another key area of focus will be emerging policy and operational issues, including the implementation of RBI measures and the identification of unintended market frictions that could affect market functioning.
The committee will additionally consider international and domestic developments, financial innovations and emerging risks that could have implications for Indian financial markets.
It may also take up specific market-related issues and macroeconomic considerations referred to it by the RBI.
Quarterly consultations planned
The RBI said meetings of the Technical Consultative Committee for Financial Markets will be convened at least once every quarter.
The institutionalised consultation mechanism is expected to provide the central bank with technical inputs and market perspectives on evolving financial market conditions, infrastructure requirements and regulatory challenges.