What happened
The Reserve Bank of India (RBI) has constituted the Technical Consultative Committee for Financial Markets (TCCFM), according to a press release dated 4 November 2026. The step follows an announcement in the RBI’s Statement on Developmental and Regulatory Policies of 7 October 2026.
The committee is meant to be a forum where the RBI can engage in a structured way with market participants and other stakeholders. Its subjects are policy and operational matters in the money market, the government securities market and the foreign exchange market, plus the derivative markets linked to them and the supporting infrastructure.
The money market is where banks and institutions borrow and lend for short periods. Government securities are bonds issued by the government. Derivatives are contracts whose value depends on an underlying asset such as a rate or currency.
Who is on it
The Deputy Governor in charge of the RBI’s Financial Markets Regulation Department chairs the committee. The external members named are:
- Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay
- Shamsher Singh, who heads FIMMDA, the industry body for India’s fixed income, money and derivatives markets, and is Deputy Managing Director at State Bank of India
- Neeraj Gambhir, Executive Director, Axis Bank
- Shailendra Jhingan, Head, Treasury and Economic Research, ICICI Bank
- Aditya Bagree, Managing Director and Head (Markets), Citibank India
- Nand Kishore, Managing Director, Clearing Corporation of India Limited
- Ridham Desai, Managing Director, Morgan Stanley India
Terms of reference
The committee’s remit has five parts:
- How well the money, government securities, forex and related derivative markets function, including efficiency, liquidity and resilience, and ways to deepen and broaden them.
- Trading, clearing, settlement, reporting and other market infrastructure, along with the regulatory and operational frameworks around them.
- New policy and operational issues, including how RBI measures are implemented and any unintended market frictions.
- Domestic and international developments, financial innovations and emerging risks that could affect Indian markets.
- Any specific market or macroeconomic questions the RBI refers to it.
It will meet at least once a quarter.
What it means for you
The committee is advisory, and the press release does not announce any new rule or rate change. For most households there is no immediate effect.
Its work could matter over time because the markets it covers influence government bond yields, short-term funding costs for banks and the way currency trades are processed. Any later RBI changes in these areas would be announced separately. You can see how the RBI treats other market and banking matters in our explainer on how RBI regulates commercial banks.
Background
The RBI said the committee comes against the backdrop of rapidly evolving financial markets and infrastructure. The October 2026 policy statement first flagged the plan, and the 4 November release confirms the chair, members and mandate.
The Hindu also reported on the move, describing it as an expert panel to advise on market structure, liquidity and infrastructure. For other recent RBI updates, see our report on the RBI Central Board meeting.
