News · BFSI
The Reserve Bank of India has constituted the Technical Consultative Committee for Financial Markets to address policy and operational matters across money, government securities, foreign exchange and derivatives markets.
✦ AI SUMMARY 30-second read
- The TCCFM will be chaired by the RBI Deputy Governor in charge of the Financial Markets Regulation Department, with seven external members drawn from banking, clearing and financial services.
- The committee will examine market functioning, liquidity, resilience, trading infrastructure and emerging risks, and will meet at least once every quarter.
- Its constitution follows an announcement made in the RBI's Statement on Developmental and Regulatory Policies dated October 7, 2026.
Why it matters: A standing consultative body could help the RBI identify market frictions and emerging risks faster, supporting deeper and more resilient Indian financial markets.
This summary was generated by AI. Editors may review and update it.
The Reserve Bank of India has constituted the Technical Consultative Committee for Financial Markets, known as the TCCFM, to deepen its engagement with market participants on matters relating to money markets, government securities, foreign exchange and derivatives.
The central bank announced the committee's formation citing rapidly evolving financial markets and infrastructure as the backdrop. Its mandate spans both policy questions and operational concerns across these market segments.
The committee will be chaired by the RBI Deputy Governor in charge of the Financial Markets Regulation Department and will include seven external members representing a cross-section of the financial sector.
What was announced
The TCCFM's terms of reference cover a broad range of issues: examining the functioning, efficiency, liquidity and resilience of key financial markets; reviewing trading, clearing, settlement and reporting infrastructure; and identifying unintended market frictions.
The committee will also assess emerging policy and operational challenges, consider domestic and international developments, evaluate financial innovations and examine emerging risks affecting Indian financial markets. It may additionally take up specific market issues and macroeconomic concerns referred to it by the RBI.
Meetings will be held at least once every quarter.
Committee composition
The seven external members are Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay; Shamsher Singh, Chairman of FIMMDA and Deputy Managing Director at SBI; and Neeraj Gambhir, Executive Director at Axis Bank.
Also on the committee are 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; and Ridham Desai, Managing Director at Morgan Stanley India.
The composition draws together practitioners from commercial banking, treasury, clearing infrastructure and capital markets, alongside a former securities regulator and an academic.
Background
The formation of the TCCFM was originally signalled in the RBI's Statement on Developmental and Regulatory Policies dated October 7, 2026. Consultative committees of this kind are a standard mechanism through which central banks gather structured input from industry before finalising regulatory or operational changes.
Indian financial markets have seen significant evolution in recent years across instruments, participants and infrastructure, creating a need for a standing forum that can keep pace with new developments and flag concerns in a timely manner.
What happens next
With the committee now constituted, its first quarterly meeting is expected to take place in line with the minimum schedule set by the RBI. Outputs from its deliberations could feed into the central bank's regulatory and developmental policy decisions for financial markets.
Elets will update this story as the committee begins its work and further details emerge.
