Constitution of the Technical Consultative Committee for Financial Markets (TCCFM)

On October 7, 2026, the Reserve Bank of India (RBI) announced the establishment of the Technical Consultative Committee for Financial Markets (TCCFM) in response to the fast-paced changes in financial markets and infrastructure. The Committee aims to facilitate structured discussions with market participants and stakeholders regarding policy and operational matters concerning money, government securities, foreign exchange, and derivative markets, along with their respective infrastructure.

The Committee will be chaired by the Deputy Governor responsible for the Financial Markets Regulation Department (FMRD) within the Reserve Bank of India. The external members of the Committee include Shri Ananth Narayan, a former Whole Time Member of the Securities and Exchange Board of India (SEBI) and Professor of Practice at the Indian Institute of Technology Bombay; Shri Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Deputy Managing Director at State Bank of India; Shri Neeraj Gambhir, Executive Director at Axis Bank; Shri Shailendra Jhingan, Head of Treasury and Economic Research at ICICI Bank; Shri Aditya Bagree, Managing Director and Head of Markets at Citibank India; Shri Nand Kishore, Managing Director at Clearing Corporation of India Limited; and Shri Ridham Desai, Managing Director at Morgan Stanley India.

The Terms of Reference (ToR) for the TCCFM outline several key areas of focus. These include matters related to the functioning, efficiency, liquidity, and resilience of money, government securities, foreign exchange, and related derivative markets, as well as the identification of measures to enhance and expand these markets. The Committee will also address trading, clearing, settlement, reporting, and other market infrastructure issues, encompassing their regulatory and operational frameworks.

Furthermore, the Committee will examine emerging policy and operational matters impacting financial markets, encompassing the implementation of RBI measures and identification of unintended market frictions. Additionally, the Committee will consider international and domestic developments, financial innovations, and emerging risks that could affect Indian financial markets.

Lastly, the Committee may also discuss any specific market issues or macroeconomic considerations referred to it by the Reserve Bank. Meetings of the Committee will be convened at least once every quarter.