RBI sets up financial markets panel with SBI, Citi, Morgan Stanley executives

The Reserve Bank of India (RBI) on Wednesday constituted a Technical Consultative Committee for Financial Markets (TCCFM) to strengthen engagement with market participants and address emerging policy and operational challenges across India's financial markets.

The committee, chaired by RBI Deputy Governor Rohit Jain, will serve as a formal platform for consultations on money markets, government securities, foreign exchange markets, their respective derivatives segments and associated market infrastructure.

The central bank said the decision comes against the backdrop of rapidly evolving financial markets and infrastructure, making regular engagement with industry participants increasingly important.

The formation of the committee follows an announcement made in the RBI's Statement on Developmental and Regulatory Policies on October 7, 2026.

The panel will meet at least once every quarter and include seven external members representing banks, financial institutions, market infrastructure organisations and regulatory expertise.

𝗦𝗲𝘃𝗲𝗻 𝗲𝘅𝘁𝗲𝗿𝗻𝗮𝗹 𝗺𝗲𝗺𝗯𝗲𝗿𝘀 𝗮𝗽𝗽𝗼𝗶𝗻𝘁𝗲𝗱

The committee will be headed by Rohit Jain, who oversees the RBI's Financial Markets Regulation Department.

Its external members include Ananth Narayan, former whole-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 of State Bank of India, has also been appointed to the panel.

Other members include Neeraj Gambhir, executive director at Axis Bank, and Shailendra Jhingan, head of treasury and economic research at ICICI Bank.

The committee will additionally comprise 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.

The composition brings together representatives from public and private sector banks, international financial institutions, market infrastructure organisations and regulatory backgrounds.

𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆, 𝗺𝗮𝗿𝗸𝗲𝘁 𝗲𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆

According to the RBI, the committee will examine issues affecting the functioning, efficiency, liquidity and resilience of money markets, government securities markets, foreign exchange markets and their related derivatives segments.

It will identify measures to deepen and broaden these markets, with particular attention to improving their functioning and addressing operational constraints.

The panel will also assess challenges arising from changing market structures and developments in financial infrastructure.

Its recommendations are expected to help the RBI evaluate potential improvements in market regulations and operational practices.

The central bank has emphasised the importance of ensuring that financial markets remain efficient and resilient amid domestic and international developments.

𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗮𝗻𝗱 𝘀𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝘂𝗻𝗱𝗲𝗿 𝗿𝗲𝘃𝗶𝗲𝘄

A major responsibility of the committee will be to examine issues relating to trading, clearing, settlement and reporting systems.

These activities form the operational foundation of financial markets, enabling transactions to be executed, processed and settled between market participants.

The committee will review the regulatory and operational frameworks governing these systems and identify potential areas for improvement.

It will also examine market infrastructure challenges that could affect transaction efficiency, liquidity or financial stability.

The RBI said the committee would provide a mechanism for discussing practical difficulties encountered by market participants while complying with regulatory requirements.

𝗘𝗺𝗲𝗿𝗴𝗶𝗻𝗴 𝗿𝗶𝘀𝗸𝘀 𝘁𝗼 𝗯𝗲 𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝗱

The panel will examine emerging policy and operational issues affecting financial markets, including challenges arising from the implementation of RBI measures.

It will also identify unintended market frictions that may result from regulatory changes or operational requirements.

Another responsibility will be to assess domestic and international developments, financial innovations and emerging risks that could influence Indian financial markets.

The committee may discuss changes in global market conditions, technological developments and new financial products where these have implications for domestic market functioning.

The RBI may also refer specific market-related issues and macroeconomic considerations to the committee for examination.

This arrangement will allow the central bank to seek specialised inputs on matters requiring detailed consultation with market participants.

𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗺𝗲𝗲𝘁𝗶𝗻𝗴𝘀 𝗽𝗹𝗮𝗻𝗻𝗲𝗱

The RBI said meetings of the Technical Consultative Committee for Financial Markets would be convened at least once every quarter.

The arrangement is intended to institutionalise consultations that have traditionally taken place through discussions between the central bank and financial market participants.

By establishing a dedicated committee, the RBI aims to create a more structured mechanism for examining policy concerns and operational difficulties.

The panel's formation also reflects the central bank's efforts to strengthen communication with stakeholders as India's financial markets expand in scale and complexity.

The committee will function as a consultative forum, with regulatory decisions continuing to rest with the RBI.

Its work will focus on identifying challenges, evaluating market developments and providing technical inputs to support the central bank's oversight of India's financial markets.