RBI forms new financial markets advisory panel with top banking and market leaders

The Reserve Bank of India has established the Technical Consultative Committee for Financial Markets, bringing together senior banking, regulatory, and market figures to guide policy on money, forex, and government securities.

The Reserve Bank of India (RBI) has formally constituted the Technical Consultative Committee for Financial Markets (TCCFM) to establish a structured engagement forum with key participants across the country’s financial ecosystem. Announced pursuant to developmental and regulatory policy statements, the panel aims to address rapidly evolving dynamics within India’s money, government securities, foreign exchange, and related derivative markets, alongside critical financial infrastructure.

Composition and leadership of the new RBI panel

According to the official press release issued by Chief General Manager Brij Raj, the newly formed committee will be chaired by the Deputy Governor in charge of the Financial Markets Regulation Department at the central bank. The roster of external members features prominent figures from across the Indian banking, regulatory, and institutional space, providing deep expertise across treasury operations, foreign exchange, and market infrastructure.

• Shri Ananth Narayan, Former Whole Time Member, SEBI, and Professor of Practice, IIT Bombay
• Shri Shamsher Singh, Chairman, FIMMDA and Deputy Managing Director, State Bank of India
• Shri Neeraj Gambhir, Executive Director, Axis Bank
• Shri Shailendra Jhingan, Head, Treasury and Economic Research, ICICI Bank
• Shri Aditya Bagree, Managing Director, Head (Markets), Citibank India
• Shri Nand Kishore, Managing Director, Clearing Corporation of India Limited
• Shri Ridham Desai, Managing Director, Morgan Stanley India

Core mandate and terms of reference

The TCCFM is tasked with a broad range of responsibilities focused on enhancing the overall efficiency, depth, and resilience of Indian financial markets. Its terms of reference cover structural aspects of trading, clearing, settlement, reporting, and operational frameworks. Furthermore, the committee will evaluate emerging policy and operational friction points arising from the implementation of RBI measures, while assessing domestic and international financial innovations.

The consultative group will also review macroeconomic considerations and specific market issues referred directly by the central bank. To ensure continuous dialogue, the committee is scheduled to convene at least once every quarter.

What this means for investors

For investors in Indian debt, foreign exchange, and banking stocks, the formation of this advisory panel signals a proactive regulatory approach to market depth and structural liquidity. A formalized platform allowing major domestic lenders like State Bank of India, Axis Bank, and ICICI Bank alongside global institutions like Citibank and Morgan Stanley to provide direct operational feedback helps the central bank smooth out market frictions before they impact broader liquidity.

When clearing, settlement, and trading infrastructure operate smoothly, systemic risk diminishes and transaction efficiency improves across government securities and derivative segments. While the committee’s role is advisory and consultative rather than executive, its quarterly reviews will likely serve as an important barometer for upcoming regulatory adjustments in India’s financial markets.

Frequently asked questions

Who chairs the new Technical Consultative Committee for Financial Markets? The committee is chaired by the Reserve Bank of India Deputy Governor in charge of the Financial Markets Regulation Department.

How often will the TCCFM meet? The committee is mandated to convene its meetings at least once every quarter.

What areas does the committee focus on? It focuses on the functioning, liquidity, and resilience of money, government securities, forex, and derivative markets, as well as associated clearing and settlement infrastructure.

This article is for information only and is not investment advice. Do your own research or consult a licensed adviser before investing.

Based on information published by Reserve Bank of India (RBI). Source: Reserve Bank of India (RBI). Spotted an error? corrections@moneypuran.com