The Reserve Bank of India has constituted a Technical Consultative Committee for Financial Markets to provide a structured platform for engagement with market participants. The panel will examine policy and operational issues across money, government securities, foreign exchange and derivatives markets.
Mumbai, November 4 — The Reserve Bank of India (RBI) has announced the formation of a Technical Consultative Committee for Financial Markets (TCCFM) to examine key policy and operational issues affecting India’s financial markets.
The committee will focus on the money market, government securities market, foreign exchange market and their respective derivatives markets, along with associated market infrastructure.
The panel will be headed by the RBI Deputy Governor in charge of the Financial Markets Regulation Department (FMRD). The portfolio is currently held by Deputy Governor Rohit Jain.
According to the RBI, the committee will provide a platform for structured engagement between the central bank, market participants and other stakeholders on important financial-market issues.
Trading and settlement under focus
The TCCFM will examine issues related to trading, clearing, settlement and reporting, along with the regulatory and operational frameworks supporting these activities.
It will also review the functioning, efficiency, liquidity and resilience of India’s money, government securities, foreign exchange and related derivatives markets.
Another important objective will be to identify measures that can help deepen and broaden financial markets.
The committee will also examine emerging policy and operational issues, including the implementation of RBI measures and any unintended market frictions arising from regulatory or operational changes.
Emerging risks and financial innovation
The RBI has also tasked the committee with monitoring domestic and international developments, financial innovations and emerging risks that could affect Indian financial markets.
The committee will meet at least once every quarter.
Its members include Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay; Neeraj Gambhir, Executive Director at Axis Bank; Shailendra Jhingan, Head of Treasury and Economic Research at ICICI Bank; and Aditya Bagree, Managing Director and Head of Markets at Citibank India.
Other members include Shamsher Singh, Chairman of FIMMDA and Deputy Managing Director at SBI; Nand Kishore, Managing Director of CCIL; and Ridham Desai, Managing Director at Morgan Stanley India.
The formation of the TCCFM is expected to give the RBI a regular mechanism for receiving industry feedback while developing and implementing policies affecting India’s financial markets.
The initiative could also help the central bank identify operational challenges earlier and strengthen the efficiency, liquidity and resilience of key financial-market segments.
