RBI Sets Up Seven-Member Expert Panel To Strengthen Money, Forex And Govt Securities Markets

RBI Forms Seven-Member Markets Panel

The Reserve Bank of India has set up a Technical Consultative Committee for Financial Markets, or TCCFM, to advise it on policy and operational issues concerning the money market, the government securities market and the foreign exchange market. The committee will also look at derivatives trading and the infrastructure that supports these markets. The RBI had first signalled its intention to create such a body in its Statement on Developmental and Regulatory Policies on October 7.

The panel will be chaired by the RBI Deputy Governor in charge of the Financial Markets Regulation Department. It has seven external members drawn from banking, financial services, market associations and clearing institutions. They are Ananth Narayan, a former whole-time member of SEBI and professor of practice at IIT Bombay; Shamsher Singh, Chairman of FIMMDA and Deputy Managing Director at State Bank of India; Neeraj Gambhir, Executive Director at Axis Bank; 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.

Why This Matters For Businesses

The committee's mandate covers the functioning, efficiency, liquidity and resilience of India's financial markets, along with ways to widen participation and deepen market activity. It will review trading, clearing, settlement and reporting arrangements, as well as the regulatory and operational frameworks governing market infrastructure. For companies and intermediaries that borrow, hedge, invest or settle through these markets, the panel's recommendations could shape how transactions are executed and reported. Its remit also includes spotting emerging policy challenges, reviewing how RBI measures are implemented, and flagging unintended hurdles in market operations.

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