New markets committee gives participants a policy forum
The Reserve Bank of India (RBI) has constituted the Technical Consultative Committee for Financial Markets (TCCFM) to engage market participants on policy and operations. Its remit covers money, government securities, foreign exchange and related derivatives.
Seven members join the table
The Deputy Governor overseeing the Financial Markets Regulation Department (FMRD) will chair TCCFM.
External members are Ananth Narayan, former Whole Time Member, Securities and Exchange Board of India (SEBI), and Professor of Practice, IIT Bombay; Shamsher Singh, Chairman, Fixed Income Money Market and Derivatives Association of India (FIMMDA), and Deputy Managing Director, State Bank of India; Neeraj Gambhir, Executive Director, Axis Bank; Shailendra Jhingan, Head, Treasury and Economic Research, ICICI Bank; Aditya Bagree, Managing Director, Head (Markets), Citibank India; Nand Kishore, Managing Director, Clearing Corporation of India Limited; and Ridham Desai, Managing Director, Morgan Stanley India.
Market frictions enter the remit
Following the October 7, 2026 policy announcement, TCCFM will meet at least quarterly.
It will examine market functioning, efficiency, liquidity and resilience, plus measures to deepen and broaden markets.
Its remit includes trading, clearing, settlement, reporting and their regulatory and operational frameworks.
It will consider implementation of RBI measures, unintended market frictions, domestic and international developments, financial innovations and emerging risks.
RBI may also refer specific market issues or macroeconomic considerations.
A forum, not new rules
TCCFM establishes structured engagement rather than changing market rules.
Its mandate connects policy implementation with operational frictions and infrastructure risks.
The release sets a quarterly minimum for meetings but gives no timetable for recommendations.