RBI sets up technical advisory committee for financial markets

The Reserve Bank of India (RBI) has constituted a Technical Consultative Committee for Financial Markets (TCCFM) to strengthen engagement with market participants on policy and operational matters amid evolving financial markets and infrastructure.

The committee will provide a platform for discussions on money markets, government securities, foreign exchange markets, related derivatives and market infrastructure, the central bank said in a statement. 

The committee will be chaired by the Deputy Governor overseeing RBI’s Financial Markets Regulation Department (FMRD).

The external members include Ananth Narayan, former SEBI whole-time member and Professor of Practice at IIT Bombay; Shamsher Singh, Chairman of FIMMDA and Deputy Managing Director at 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 at Clearing Corporation of India; and Ridham Desai, Managing Director at Morgan Stanley India.

The committee will examine issues concerning market efficiency, liquidity and resilience, along with trading, clearing, settlement and reporting systems. It will also discuss emerging policy concerns, financial innovations, domestic and international developments, and potential risks affecting Indian financial markets.

Additionally, the RBI may refer specific market-related issues and macroeconomic considerations to the committee for discussion.

The committee will meet at least once every quarter. Its formation follows the announcement made in the RBI's Statement on Developmental and Regulatory Policies dated October 7, 2026.