RBI constitutes financial markets committee, names seven external members

The Reserve Bank of India (RBI) has constituted the Technical Consultative Committee for Financial Markets (TCCFM) to discuss policy and operational matters relating to money, government securities and foreign exchange markets, their derivatives markets and related infrastructure.

The move follows the RBI's announcement in its October 7, Statement on Developmental and Regulatory Policies.

The committee will be chaired by the Deputy Governor in charge of the RBI's Financial Markets Regulation Department (FMRD).

The seven external members are Ananth Narayan, former whole-time member of SEBI and Professor of Practice at IIT Bombay; Shamsher Singh, Chairman of FIMMDA and Deputy Managing Director of State Bank of India; Neeraj Gambhir, Executive Director of Axis Bank; Shailendra Jhingan, Head of Treasury and Economic Research at ICICI Bank; Aditya Bagree, Managing Director and Head (Markets) at Citibank India; Nand Kishore, Managing Director of Clearing Corporation of India Limited; and Ridham Desai, Managing Director of Morgan Stanley India.

What will the committee examine?

According to the RBI, the committee's terms of reference include issues relating to the functioning, efficiency, liquidity and resilience of money, government securities and foreign exchange markets, and their related derivatives markets.

It will also examine trading, clearing, settlement and reporting systems, along with the regulatory and operational frameworks governing market infrastructure.

Other areas include emerging policy and operational issues, implementation of RBI measures, unintended market frictions, domestic and international developments, financial innovations and emerging risks affecting Indian financial markets.

The RBI may also refer specific market-related issues or macroeconomic considerations to the committee.

The committee will meet at least once every quarter.