The panel will comprise representatives from the banking industry, financial markets, academia and market infrastructure institutions.
Mumbai: The Reserve Bank of India on Wednesday announced the formation of a Technical Consultative Committee for Financial Markets (TCCFM) against the backdrop of rapidly evolving financial markets and infrastructure. The Committee will serve as a forum for structured engagement with market participants and stakeholders by the Reserve Bank on policy and operational matters related to money, government securities and foreign exchange markets as well as the respective derivative markets and infrastructure.
The Committee will be Chaired by the Deputy Governor Rohit Jain, in charge of the Financial Markets Regulation Department (FMRD) of the RBI.
The committee will assess the functioning of India’s money, government securities and foreign exchange markets, along with their respective derivatives segments.
Its mandate will cover issues relating to market efficiency, liquidity and resilience, while also identifying opportunities to expand market participation and deepen these segments. Another key area of focus will be the implementation of the RBI’s regulatory measures and the identification of operational bottlenecks or unintended disruptions arising from policy changes.
The panel will also deliberate on issues concerning the entire market transaction cycle, including trading, clearing, settlement and reporting, as well as the regulatory and operational systems supporting these activities. In addition, the committee will review domestic and global developments, financial innovations and emerging risks that could have implications for Indian financial markets. Its discussions are expected to help the RBI understand evolving market requirements and assess potential improvements to existing regulations and infrastructure.
The panel will comprise representatives from the banking industry, financial markets, academia and market infrastructure institutions. Its external members include Ananth Narayan, former whole-time member of the Securities and Exchange Board of India (SEBI) and professor of practice at IIT Bombay; Shamsher Singh, chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and deputy managing director of the State Bank of India; and Neeraj Gambhir, executive director at Axis Bank. The meetings of the Committee will be convened at least once a quarter.
