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

The Reserve Bank of India (RBI) has constituted a Technical Consultative Committee for Financial Markets (TCCFM) to seek expert recommendations on policy and operational matters affecting India's money, government securities and foreign exchange markets.

The panel will also examine derivatives trading and the infrastructure supporting these financial markets.

The RBI Deputy Governor overseeing the Financial Markets Regulation Department (FMRD) will chair the committee, which includes seven external members from banking, financial services, market associations and clearing institutions.

The committee includes Ananth Narayan, former whole-time member of the Securities and Exchange Board of India (SEBI) and professor of practice at the Indian Institute of Technology Bombay.

Other members include Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Deputy Managing Director of State Bank of India, and 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, have also joined the panel.

The remaining members are Nand Kishore, Managing Director of the Clearing Corporation of India Limited (CCIL), and Ridham Desai, Managing Director at Morgan Stanley India.

The committee will assess the functioning, efficiency, liquidity and resilience of India's financial markets and recommend measures to expand participation and strengthen market depth.

Its responsibilities include reviewing trading, clearing, settlement and reporting mechanisms, alongside regulatory and operational frameworks governing market infrastructure.

The panel will examine emerging policy challenges, assess the implementation of RBI measures and identify unintended obstacles affecting market operations.

It will also study domestic and international financial developments, innovations and emerging risks that could influence Indian markets.

The central bank may refer specific market-related issues and macroeconomic considerations to the committee for detailed examination.

The RBI initially announced plans to establish the panel in its Statement on Developmental and Regulatory Policies on Oct 7.

The committee is expected to meet at least once every quarter to discuss market developments and provide technical inputs.