Against the backdrop of rapidly evolving financial markets and technological infrastructure, the Reserve Bank of India (RBI) has formally constituted a Technical Consultative Committee for Financial Markets (TCCFM). Chaired by Deputy Governor Rohit Jain—who oversees the Financial Markets Regulation Department—the panel marks a decisive step toward institutionalizing and formalizing the central bank’s engagement with key industry stakeholders. According to an official press release from the RBI, the TCCFM will function as a dedicated, structured forum enabling continuous dialogue on both strategic policy and operational matters across government securities, foreign exchange, and money markets, alongside their associated derivative instruments and foundational clearing systems. While the central bank historically relied on ad-hoc or informal discussions with market participants, market experts note that establishing this formal committee creates a transparent, predictable mechanism for ongoing regulatory deliberation. To ensure a comprehensive operational perspective, the panel brings together a distinguished group of external experts spanning commercial banking, capital markets, market infrastructure entities, and academia. Notable appointees include Ananth Narayan, former SEBI whole-time member and current 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 Citi India; Nand Kishore, managing director of the Clearing Corporation of India Limited; and Ridham Desai, managing director at Morgan Stanley India. Under its broad terms of reference, the TCCFM is tasked with critically examining core issues surrounding market liquidity, structural efficiency, and overall operational resilience across India’s core financial segments. Beyond assessing core market mechanics, the committee will actively evaluate strategies to deepen market depth, broaden participation, and address operational frictions arising from new RBI policy implementations. Crucially, the panel’s mandate extends to evaluating trading, clearing, settlement, and reporting frameworks, while continuously monitoring domestic and international developments, financial innovations, and potential systemic risks that could impact Indian markets. Through this proactive consultative architecture, the RBI aims to align regulatory oversight with market realities, ensuring India’s financial system remains dynamic, secure, and resilient.
RBI Sets Up Consultative Body to Broaden Liquidity, Resilience, and Derivatives Oversight
