MUMBAI — The Reserve Bank of India (RBI) has constituted a Technical Consultative Committee for Financial Markets (TCCFM), headed by the Deputy Governor in charge of the Financial Markets Regulation Department (FMRD) and comprising eight external members, against the backdrop of rapidly evolving financial markets and infrastructure, The Hindu BusinessLine reported on Wednesday, November 4. The committee is headed by Rohit Jain, Deputy Governor in charge of the FMRD, and its meetings will be convened at least once a quarter.

Source: The Hindu BusinessLine

The external members named by the central bank include Ananth Narayan, former Whole Time Member of SEBI and Professor of Practice at IIT Bombay; Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India and Deputy Managing Director of the State Bank of India; Neeraj Gambhir, Executive Director of Axis Bank; Shailendra Jhingran, Head of Treasury and Economic Research at ICICI Bank; Aditya Bagree, Managing Director and Head (Markets) at Citibank India; Nand Kishore, Managing Director of the Clearing Corporation of India Limited; and Ridham Desai, Managing Director of Morgan Stanley India, BusinessLine reported.

Source: The Hindu BusinessLine

QuarterlyMinimum meeting frequency of the new TCCFM (RBI via BusinessLine)
8External members on the committee, from banks, market infrastructure and academia
4 marketsMoney, government securities, foreign exchange and related derivative markets in its remit
FMRD chiefCommittee chaired by Deputy Governor Rohit Jain, in charge of Financial Markets Regulation

Under its terms of reference, the committee will look into issues related to the functioning, efficiency, liquidity and resilience of the money, government securities, foreign exchange and related derivative markets, and identify measures to deepen and broaden these markets. It will also examine issues relating to trading, clearing, settlement, reporting and other market infrastructure, including the associated regulatory and operational frameworks, BusinessLine reported. Finimize, summarising the announcement, described the panel as formalising a regular feedback loop with the firms that make prices and run the trading infrastructure.

Source: Finimize

The committee will further scrutinise emerging policy and operational issues affecting financial markets, including implementation of RBI measures and any unintended market frictions, as well as international and domestic developments, financial innovations and emerging risks that may affect Indian financial markets. The central bank said the committee will serve as a forum for structured engagement with market participants and stakeholders on policy and operational matters. BusinessLine's markets live blog also carried the announcement on November 4. Sources: The Hindu BusinessLine; Finimize.

Source: The Hindu BusinessLine