The Reserve Bank of India (RBI) announced on Wednesday, November 4, the formation of a new Technical Consultative Committee for Financial Markets (TCCFM). This strategic move brings together seven external experts from various sectors of India's financial landscape.
Among the notable appointments are Ridham Desai, Managing Director at Morgan Stanley India, and Ananth Narayan, a former Whole Time Member of the Securities and Exchange Board of India (SEBI) and Professor of Practice at IIT Bombay. The committee, chaired by the RBI Deputy Governor overseeing the Financial Markets Regulation Department (FMRD), aims to foster structured engagement between the central bank, market participants, and other key stakeholders.
Key Members and Their Expertise
The seven external members represent a diverse range of expertise spanning banking, financial markets, regulatory insights, and clearing infrastructure. In addition to Desai and Narayan, the committee includes:
- Shamsher Singh: Chairman of the Fixed Income Money Market and Derivatives Association of India (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 of the Clearing Corporation of India Limited.
This initiative follows the RBI's Statement on Developmental and Regulatory Policies issued on October 7, 2026, which highlighted the need for such a committee amidst the rapid evolution of financial markets and infrastructure.
Mandate of the New Panel
The RBI has outlined five primary responsibilities for the TCCFM, all focused on enhancing the functioning, efficiency, liquidity, and resilience of India's financial markets:
- Market Deepening: Identifying measures to deepen and broaden money, government securities, foreign exchange, and related derivatives markets.
- Operational Review: Examining trading, clearing, settlement, and reporting mechanisms, as well as the regulatory and operational frameworks governing market infrastructure.
- Policy Challenges: Reviewing emerging policy and operational challenges, including difficulties in implementing RBI measures and identifying unintended market frictions.
- Global Assessment: Assessing domestic and international developments, financial innovations, and emerging risks that could influence Indian financial markets.
- Specific Referrals: Considering specific market-related issues or macroeconomic developments referred by the central bank.
The committee is slated to meet at least once every quarter, ensuring regular consultations and feedback from market participants. Its recommendations are expected to inform future policy discussions, contributing to the stability and growth of India's financial ecosystem.