The Reserve Bank of India has constituted the Technical Consultative Committee for Financial Markets (TCCFM) to engage with market participants and stakeholders on policy and operational matters related to various financial markets.
In response to the announcement made in the Statement on Developmental and Regulatory Policies dated October 7, 2026, the Reserve Bank of India has announced the formation of the Technical Consultative Committee for Financial Markets (TCCFM). The committee is intended as a platform for structured engagement with market participants and stakeholders on matters related to money, government securities, foreign exchange, derivative markets, and respective infrastructures.
The TCCFM will be chaired by the Deputy Governor responsible for the Financial Markets Regulation Department (FMRD) of RBI. The committee consists of seven external members, including Shri Ananth Narayan, Former Whole Time Member of SEBI and Professor of Practice at IIT Bombay; Shri Shamsher Singh, Chairman of Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Deputy Managing Director of State Bank of India; Shri Neeraj Gambhir, Executive Director of Axis Bank; Shri Shailendra Jhingan, Head of Treasury and Economic Research at ICICI Bank; Shri Aditya Bagree, Managing Director, Head (Markets) at Citibank India; Shri Nand Kishore, Managing Director of Clearing Corporation of India Limited; and Shri Ridham Desai, Managing Director at Morgan Stanley India.
The Terms of Reference (ToR) of the TCCFM encompass issues related to the functioning, efficiency, liquidity, and resilience of these markets; trading, clearing, settlement, reporting, and other market infrastructures; emerging policy and operational issues affecting financial markets; international and domestic developments; financial innovations; and emerging risks that may impact Indian financial markets. The committee will also address any specific market issues or macroeconomic considerations referred to the Committee by the Reserve Bank.
Meetings of the TCCFM will be held at least once a quarter.
Source:
Reserve Bank of India
