RBI constitutes Technical Consultative Committee for Financial Markets

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Published - November 04, 2026 12:57 pm IST - MUMBAI

The constitution of the TCCFM was one of the measures announced in the Statement on Developmental and Regulatory Policies on October 7, 2026, by RBI Governor Sanjay Malhotra. | Photo Credit: PTI

The Reserve Bank of India (RBI) has announced the constitution of the Technical Consultative Committee for Financial Markets (TCCFM) against the backdrop of rapidly evolving financial markets and infrastructure.

This was one of the measures announced in the Statement on Developmental and Regulatory Policies on October 7, 2026 by RBI Governor Sanjay Malhotra.

The Committee will serve as a forum for structured engagement with market participants and stakeholders by the Reserve Bank on policy and operational matters related to money, government securities and foreign exchange markets as well as the respective derivative markets and infrastructure, the RBI said.

The Committee will be Chaired by the Deputy Governor (DG) in charge of the Financial Markets Regulation Department (FMRD) of the RBI.

It will comprise external members Ananth Narayan, Former Whole Time Member, SEBI, and Professor of Practice, IIT Bombay; Shamsher Singh, Chairman, Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Deputy Managing Director, State Bank of India; Neeraj Gambhir, Executive Director, Axis Bank; Shailendra Jhingan, Head, Treasury and Economic Research, ICICI Bank; Aditya Bagree, Managing Director, Head (Markets), Citibank India; Nand Kishore, Managing Director, Clearing Corporation of India Limited; and Ridham Desai, Managing Director, Morgan Stanley India.

The Committee will look into issues related to the functioning, efficiency, liquidity and resilience of the money, government securities, foreign exchange and related derivative markets, and identification of measures to deepen and broaden these markets.

It will also keep an eye on issues relating to trading, clearing, settlement, reporting and other market infrastructure, including the associated regulatory and operational frameworks.

Emerging policy and operational issues affecting financial markets, including implementation of RBI measures and identification of unintended market frictions and international and domestic developments, financial innovations, and emerging risks that may affect Indian financial markets apart from any specific market issues or macroeconomic considerations referred to the Committee by the Reserve Bank are among the terms of reference of the Committee.

The meetings of the Committee will be convened at least once a quarter.

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