The Reserve Bank of India (RBI) has constituted a new Technical Consultative Committee for Financial Markets (TCCFM) to strengthen its engagement with market participants and examine policy and operational issues affecting India's financial markets.
The central bank announced the constitution of the committee on November 4, 2026, following its earlier announcement in the Statement on Developmental and Regulatory Policies dated October 7.
Editorial Insight
Key Highlights
Important points readers should notice.
Issue/Event: RBI constitutes the Technical Consultative Committee for Financial Markets.
Location: India.
Authority/Organisation: Reserve Bank of India.
Action Taken: Established a consultative panel with seven external members to examine financial-market policy and operational issues.
- Impact: The committee aims to strengthen market consultation and support improvements in efficiency, liquidity, resilience and financial infrastructure.
The committee will serve as a structured platform for consultation between the RBI and representatives from banking, financial markets, academia and market infrastructure institutions. Its work will cover money markets, government securities, foreign exchange markets, related derivatives and supporting financial infrastructure.
The committee will be chaired by RBI Deputy Governor Rohit Jain, who is in charge of the Financial Markets Regulation Department.
Seven external members have been included in the committee. They are Ananth Narayan, former Whole-Time Member of the Securities and Exchange Board of India and Professor of Practice at IIT Bombay; Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India 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.
Editorial Analysis
Why This Matters
India's financial markets play an important role in the movement of money, government borrowing, foreign exchange transactions and investment activity. The functioning of these markets depends on effective trading systems, settlement mechanisms, reporting processes and regulatory safeguards. The new committee gives the RBI a formal platform to hear from institutions and experts who work directly with these systems. Their inputs could help identify operational bottlenecks, emerging risks and areas where market infrastructure needs improvement. For banks, financial institutions, investors and businesses, a more efficient and resilient financial-market ecosystem is important for smooth transactions and stable market operations. The committee's work could therefore contribute to the long-term development of India's financial markets, although specific policy outcomes will depend on subsequent RBI decisions.
The other members are 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 at Morgan Stanley India.
The committee has been assigned a broad mandate covering the functioning, efficiency, liquidity and resilience of India's financial markets. It will also examine measures that could help deepen and broaden these markets.
Another important area of its work will be the systems supporting financial transactions. These include trading, clearing, settlement and reporting, along with the regulatory and operational frameworks governing market infrastructure.
The RBI has also asked the committee to consider emerging policy and operational issues, including the implementation of central bank measures and the identification of unintended market frictions.
In addition, the panel will review domestic and international developments, financial innovations and emerging risks that could affect Indian financial markets. The Reserve Bank may also refer specific market issues and macroeconomic considerations to the committee.
The committee is scheduled to meet at least once every quarter, creating a regular channel for discussions between the central bank and financial-sector stakeholders.
The formation of the panel comes at a time when financial markets and their supporting infrastructure are evolving rapidly. Greater consultation with banks, market institutions and experts could help the RBI understand operational challenges and assess the implications of regulatory changes.
However, the committee is an advisory and consultative forum. Its formation does not itself announce an immediate change in interest rates, foreign exchange rules, trading regulations or other existing financial-market policies. Any such changes would require separate decisions or regulatory announcements by the RBI.
