The Reserve Bank of India (RBI) has constituted a financial markets committee to strengthen engagement with industry participants.

The Technical Consultative Committee for Financial Markets (TCCFM) will advise the central bank on policy and operational issues. It will cover money, government securities, foreign exchange and related derivatives markets.

The panel will bring together seven external members from banking, financial research, market infrastructure and the securities industry. It will be chaired by the RBI Deputy Governor in charge of the Financial Markets Regulation Department (FMRD).

Key Highlights:

• RBI constitutes the Technical Consultative Committee for Financial Markets.
• Seven external members include executives from SBI, Axis Bank, ICICI Bank and Citibank India.
• The panel will meet at least once every quarter.

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The 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.

Other members are 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 of Axis Bank; and Shailendra Jhingan, Head of Treasury and Economic Research at ICICI Bank.

The panel also includes 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.

The RBI announced the formation of the financial markets committee in its Statement on Developmental and Regulatory Policies dated October 7, 2026. The formal constitution was announced on November 4, 2026.

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Committee to Focus on Market Liquidity and Infrastructure

The committee will examine 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 covers trading, clearing, settlement and reporting systems, along with the regulatory and operational frameworks supporting market infrastructure.

The panel will also examine emerging policy and operational challenges, including the implementation of RBI measures and unintended market frictions. It will review domestic and international developments, financial innovations and emerging risks affecting Indian financial markets.

Additionally, the RBI may refer specific market-related issues and macroeconomic considerations to the panel. The financial markets committee will meet at least once every quarter, creating a regular channel for consultation between the central bank and industry stakeholders.

Through this initiative, the RBI aims to incorporate market expertise into policy discussions and address challenges arising from an increasingly complex financial system.