RBI Technical Consultative Committee for Financial Markets gets seven external members
The RBI has set up a Technical Consultative Committee for Financial Markets with seven external members to advise it on money, government securities and forex markets.
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The Reserve Bank of India has set up a Technical Consultative Committee for Financial Markets with seven external members, the Free Press Journal reported on 4 November 2026. The RBI Technical Consultative Committee will advise the central bank on the money, government securities and foreign exchange markets and their derivatives. The RBI announced the plan in its Statement on Developmental and Regulatory Policies of 7 October 2026, which said the composition would be “separately notified.”
What the RBI Technical Consultative Committee will do
The Free Press Journal said the panel will review the trading, clearing, settlement and reporting infrastructure behind these markets and assess their efficiency, liquidity and resilience. It will also recommend ways to broaden participation, examine emerging policy challenges and study domestic and global developments and risks. The RBI may refer specific market issues to it. The Deccan Chronicle reported that the panel will also monitor how RBI regulatory measures are implemented and flag operational bottlenecks.
Key numbers
- 7: external members named to the committee.
- 3: core markets in its remit, namely money, government securities and foreign exchange, along with their derivatives.
- Once a quarter: the minimum meeting frequency.
- 7 October 2026: the date of the RBI statement that announced the plan.
- 4 November 2026: the date the reports listed the members.
Who the RBI committee members are
The Deccan Chronicle reported that Deputy Governor Rohit Jain, who heads the Financial Markets Regulation Department, chairs the committee. The Free Press Journal listed the external members: Ananth Narayan, a former SEBI whole-time member 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 at Axis Bank; and Shailendra Jhingan, head of treasury and economic research at ICICI Bank.
The rest are 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.
Why the committee matters for the government securities market, currencies and derivatives
The panel gives the central bank a standing channel to banks, clearing infrastructure and investment firms on rules that shape trading in bonds, currencies and derivatives. It is consultative: neither report describes any power to take binding decisions.
What happens next
Neither report gives a date for the first meeting of the RBI Technical Consultative Committee or a deadline for any recommendations. For background, read our profile of the Reserve Bank of India, our report that the RBI extended the Abhyudaya Co-operative Bank supersession, our profile of Abhyudaya Co-operative Bank and our India coverage.
The panel gives the RBI a standing channel to market participants on rules for bond, currency and derivatives trading. It is advisory, and neither report gives a first meeting date or a report deadline.