Document title: Constitution of the Technical Consultative Committee for Financial Markets (TCCFM)
Issuing authority: Reserve Bank of India
Reference: Press Release 2026-2027/1436
Date: 4 November 2026
Regulatory and policy measures
The Reserve Bank of India, following its Statement on Developmental and Regulatory Policies dated 7 October 2026, has constituted the Technical Consultative Committee for Financial Markets (TCCFM). The committee is intended to serve as a structured forum for engagement with market participants on policy and operational matters concerning money, government securities, foreign exchange and related derivative markets and their infrastructure.
The committee will be chaired by the Deputy Governor responsible for the Financial Markets Regulation Department of the RBI. It includes seven external members: Shri Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay; Shri Shamsher Singh, Chairman of the 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 and Head (Markets) at Citibank India; Shri Nand Kishore, Managing Director of Clearing Corporation of India Limited; and Shri Ridham Desai, Managing Director of Morgan Stanley India.
The Terms of Reference for the TCCFM cover: (i) issues related to the functioning, efficiency, liquidity and resilience of money, government securities, foreign exchange and derivative markets, and measures to deepen and broaden these markets; (ii) matters concerning trading, clearing, settlement, reporting and other market infrastructure along with associated regulatory and operational frameworks; (iii) emerging policy and operational issues affecting financial markets, including implementation of RBI measures and identification of unintended market frictions; (iv) international and domestic developments, financial innovations and emerging risks that may affect Indian financial markets; and (v) any specific market issues or macro‑economic considerations referred to the committee by the RBI.
The committee is mandated to meet at least once a quarter. The press release is signed by Chief General Manager Brij Raj.
Overall, the RBI has formalised a consultative mechanism to enhance market resilience, address infrastructure challenges and incorporate stakeholder inputs into regulatory actions.