RBI Reconstitutes Financial Markets Advisory Committee to Deepen G-Secs, Forex, and Derivatives Infrastructure — November 4, 2026
The Reserve Bank of India (RBI) has formally constituted the Technical Advisory Committee for Financial Markets (TAC/TCCFM) to provide an ongoing, structured platform for consultation with market participants on policy, operational mechanisms, and market infrastructure.
The decision operationalises the developmental and regulatory policy announcement made alongside the central bank's October monetary policy statement. As financial markets experience heightened sensitivity across interest rates, currency levels, and derivative flows, the reconstitution aims to preemptively address liquidity imbalances, enhance transmission, and streamline market functioning.
Leadership and Panel Composition
The reconstituted panel is headed by the RBI Deputy Governor in charge of the Financial Markets Regulation Department (FMRD). It includes a diverse slate of industry practitioners representing banking, treasury operations, clearing, capital markets, and financial infrastructure.
The external members inducted into the committee include:
- Anant Narayan
- Shamsher Singh
- Neeraj Gambhir
- Shailendra Jhingan
- Aditya Bagri
- Nand Kishore
- Ridham Desai
These industry participants bring direct perspectives from commercial banks, primary dealerships, institutional broking, and asset management.
Mandate and Scope of Operations
The committee will deliberate regularly—meeting at least on a quarterly schedule—to evaluate evolving market conditions, regulatory signals, and operational bottlenecks.
The core areas under the committee's purview encompass:
- Market Efficiency and Liquidity: Reviewing the depth and resilience of the money market, government securities (G-Sec) market, and foreign exchange market.
- Derivatives Architecture: Evaluating product design, risk management standards, and participation rules across interest rate and currency derivative instruments.
- Market Infrastructure: Assessing post-trade systems, including trading, clearing, settlement, and regulatory reporting mechanisms.
Relevance for the Indian Market and Investors
For participants in Indian financial markets, the establishment of this advisory body arrives at a crucial juncture of domestic rate adjustments and global macroeconomic shifts. A dedicated technical consultative channel allows the central bank to calibrate liquidity tools, refine bond-market borrowing programmes, and introduce institutional-grade market mechanisms based on direct practitioner feedback.
Institutional investors and corporate treasuries stand to benefit from clearer regulatory guidance on hedging instruments, while retail bond and equity markets gain from more resilient clearing and settlement frameworks. By institutionalising quarterly deliberations, the RBI aims to strengthen financial stability, minimise market volatility, and expand India's domestic capital market footprint.
