Business EconomyPosted at: Nov 4 2026 3:34PM


RBI forms committee to address emerging financial market challenges

New Delhi, Nov 4 (UNI) The Reserve Bank of India (RBI) has set up a new advisory panel to strengthen its engagement with financial market participants and address emerging challenges in the country's money, government securities and foreign exchange markets.
The Technical Consultative Committee for Financial Markets (TCCFM) will be chaired by RBI Deputy Governor Rohit Jain, who oversees the Financial Markets Regulation Department. The move comes at a time when financial markets and their underlying infrastructure are undergoing significant changes.
The committee will provide a formal platform for the central bank to seek inputs from industry stakeholders on policy decisions, operational challenges and developments across financial markets. Market participants said that while the RBI has been engaging with stakeholders through informal consultations, the formation of the committee will institutionalise the process and provide a structured mechanism for regular discussions.
The committee will assess the functioning of India's money, government securities and foreign exchange markets, along with their respective derivatives segments. Its mandate will cover issues concerning market efficiency, liquidity and resilience, while also identifying opportunities to expand market participation and deepen these segments.
Another key area of focus will be the implementation of RBI's regulatory measures and identification of operational bottlenecks or unintended disruptions arising from policy changes. The panel will also deliberate on issues concerning the entire market transaction cycle, including trading, clearing, settlement and reporting, as well as the regulatory and operational systems supporting these activities.
In addition, the committee will review domestic and global developments, financial innovations and emerging risks that could have implications for Indian financial markets. Its deliberations are expected to help the RBI understand evolving market requirements and assess potential improvements to existing regulations and infrastructure.
The panel will comprise representatives from the banking industry, financial markets, academia and market infrastructure institutions. Its external members include Ananth Narayan, former full-time member of the Securities and Exchange Board of India (SEBI) and professor of practice at IIT Bombay; Shamsher Singh, chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and deputy managing director at State Bank of India; and Neeraj Gambhir, executive director at Axis Bank.
Other members include Shailendra Jhingan, head of treasury and economic research at ICICI Bank; Aditya Bagree, managing director and head of markets at Citi India; Nand Kishore, managing director of Clearing Corporation of India Limited; and Ridham Desai, managing director at Morgan Stanley India.
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