RBI Forms Technical Consultative Committee for Financial Markets Headed by Rohit Jain

The Reserve Bank of India (RBI) has constituted a new panel named the Technical Consultative Committee for Financial Markets (TCCFM). The central bank stated that the committee will serve as a structured engagement forum with market participants and stakeholders to discuss policy and operational matters.

The panel is headed by Rohit Jain, the Deputy Governor in charge of the Financial Markets Regulation Department (FMRD), and includes eight external members. According to the central bank, meetings of the committee will be convened at least once a quarter.

The terms of reference for the committee cover several areas related to the functioning, efficiency, liquidity, and resilience of money, government securities, foreign exchange, and related derivative markets. The panel is tasked with identifying measures to deepen and broaden these markets, alongside examining issues concerning trading, clearing, settlement, reporting, and associated regulatory and operational frameworks.

Additionally, the committee will scrutinize emerging policy and operational issues affecting financial markets, including the implementation of RBI measures, and identify unintended market frictions. It will also review international and domestic developments, financial innovations, and emerging risks that could impact Indian financial markets.

The external members appointed to the committee include Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay; Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India and Deputy Managing Director at State Bank of India; Neeraj Gambhir, Executive Director at Axis Bank; and Shailendra Jhingran, Head of Treasury and Economic Research at ICICI Bank.

Other external members 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 establishment of the Technical Consultative Committee for Financial Markets by the RBI creates a formal channel for regular dialogue between regulators and key market participants. With representatives from major domestic and international financial institutions joining the panel, this structured quarterly engagement should help address operational frictions, improve market infrastructure resilience, and support the broader development of India's money, government securities, and foreign exchange markets." — Dr. Shishir Gupta, Founder & CEO, StartupLanes