RBI Constitutes Technical Consultative Committee for Financial Markets on November 4, 2026

What happened

On November 4, 2026, the Reserve Bank of India (RBI) announced the formal constitution of the Technical Consultative Committee for Financial Markets (TCCFM) ^[3][14]. This action follows an earlier announcement made in the Statement on Developmental and Regulatory Policies on October 7, 2026 ^[13]. The newly formed panel is designed to serve as a structured engagement forum between the central bank and key market participants and stakeholders ^[13][14].

The eight-member committee is chaired by the Deputy Governor in charge of the Financial Markets Regulation Department (FMRD), Rohit Jain ^[3][14]. Its roster includes external members representing diverse institutions: Ananth Narayan (Former Whole Time Member, SEBI, and Professor of Practice, IIT Bombay); Shamsher Singh (Chairman of the Fixed Income Money Market and Derivatives Association of India and Deputy Managing Director of the State Bank of India); Neeraj Gambhir (Executive Director, Axis Bank); Shailendra Jhingran (Head of Treasury and Economic Research, ICICI Bank); Aditya Bagree (Managing Director and Head of Markets, Citibank India); Nand Kishore (Managing Director, Clearing Corporation of India Limited); and Ridham Desai (Managing Director, Morgan Stanley India) ^[14].

Why it matters

The TCCFM's mandate covers critical policy and operational matters across money markets, government securities, foreign exchange, and related derivative markets ^[3][13]. According to the terms of reference, the committee will examine issues related to the functioning, efficiency, liquidity, and resilience of these markets while identifying measures to deepen and broaden them ^[13][14].

Additionally, the panel will review trading, clearing, settlement, reporting, and associated market infrastructure and regulatory frameworks ^[3][14]. It is tasked with scrutinizing emerging policy and operational challenges, tracking the implementation of RBI measures, identifying unintended market frictions, and evaluating domestic and international financial innovations and risks ^[14].

What to watch

The committee is scheduled to convene at least once a quarter ^[14]. Observers will monitor how the panel's structured dialogues translate into regulatory adaptations, infrastructure enhancements, and policy measures aimed at managing emerging risks within India's financial markets ^[13][14].

Sources

1. Technical Consultative Committee to focus on critical policy and operational matters: RBI | Akashvani News newsonair.gov.in
2. Press Releases | Official Website of Reserve Bank of India rbi.org.in
3. RBI forms technical panel for financial markets headed by Rohit Jain - The HinduBusinessLine thehindubusinessline.com