Why RBI forms Markets panel? Key priorities explained; SBI, Axis, MS execs named members. Read the key points, why it matters and what businesses should watch next.
RBI Sets Up Markets Consultative Panel
The Reserve Bank of India has formed a Technical Consultative Committee for Financial Markets, or TCCFM, to deepen its engagement with market participants and to deliberate on policy and operational matters concerning India’s financial markets. The constitution of the panel follows an announcement made in the RBI’s Statement on Developmental and Regulatory Policies dated October 7, 2026.
The committee will be chaired by the RBI Deputy Governor who oversees the Financial Markets Regulation Department. Its external members include 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; and Ridham Desai, managing director at Morgan Stanley India.
Why The Panel Matters
The committee’s mandate covers money markets, government securities, foreign exchange markets, derivatives and the infrastructure supporting them. It will look at how these markets function, how efficient, liquid and resilient they are, and will suggest steps to widen and deepen them.
For businesses and compliance teams, the panel creates a formal channel to flag operational and regulatory friction. It will review trading, clearing, settlement and reporting systems, along with the regulatory and operational frameworks around them. The RBI may also seek its views on implementing policy measures and on unintended difficulties faced by market participants. The committee will additionally discuss domestic and international developments, financial innovations and emerging risks, and may take up specific market or macroeconomic issues referred to it.
What To Watch
The RBI has said the…
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