RBI Constitutes Technical Consultative Committee for Financial Markets Chaired by Deputy Governor

Key facts

• The Reserve Bank of India (RBI) constituted the Technical Consultative Committee for Financial Markets (TCCFM), announced on November 4, 2026, pursuant to the Statement on Developmental and Regulatory Policies dated October 7, 2026.
• The TCCFM will be chaired by the Deputy Governor in charge of RBI's Financial Markets Regulation Department.
• The Committee will engage with market participants and stakeholders on policy and operational matters related to money, government securities, foreign exchange and derivative markets and their infrastructure.
• External members include Ananth Narayan (former Whole Time Member, SEBI; Professor of Practice, IIT Bombay), Shamsher Singh (Chairman, FIMMDA; 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 of Markets, Citibank India), Nand Kishore (Managing Director, Clearing Corporation of India Limited) and Ridham Desai (Managing Director, Morgan Stanley India).
• The Committee's Terms of Reference cover functioning, efficiency, liquidity and resilience of money, government securities, foreign exchange and derivative markets; trading, clearing, settlement and reporting infrastructure; implementation of RBI measures and identification of unintended market frictions; emerging risks and international developments; and issues referred by the RBI.
• Meetings of the Committee will be convened at least once a quarter.