The Reserve Bank of India (RBI) has constituted a Technical Consultative Committee for Financial Markets (TCCFM), chaired by RBI Deputy Governor Rohit Jain, to provide structured engagement between the central bank and market stakeholders on policy and operational matters. The committee's formation, announced on Wednesday, 4 November 2026, comes amid rapidly evolving financial markets and market infrastructure in India.

What the TCCFM Will Do

According to an RBI statement, the committee will serve as a forum for engagement on issues related to money markets, government securities markets, foreign exchange markets, and their respective derivative markets and infrastructure. Its terms of reference include examining matters related to the functioning, efficiency, liquidity, and resilience of these markets, as well as identifying measures to deepen and broaden them.

The panel will also examine emerging policy and operational issues — including the implementation of RBI measures and the identification of unintended market frictions. It is additionally tasked with addressing trading, clearing, settlement, and reporting infrastructure, along with associated regulatory frameworks. The committee will convene at least once every quarter.

Who Is on the Committee

Alongside Deputy Governor Rohit Jain, who heads the RBI's Financial Markets Regulation Department (FMRD), the committee includes seven external members drawn from banks, market associations, clearing institutions, and financial services firms.

The external members are: 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 at State Bank of India; Neeraj Gambhir, executive director at Axis Bank; Shailendra Jhingan, head of treasury and economic research at ICICI Bank; Aditya Bagree, managing director and head of markets at Citi India; Nand Kishore, managing director of Clearing Corporation of India Limited; and Ridham Desai, managing director at Morgan Stanley India.

RBI Also Moves on Account Aggregator Interoperability

In a separate but related announcement, the RBI said it has decided to implement interoperability among NBFC-Account Aggregators (NBFC-AA) to enhance customer convenience. The move will allow customers to access and share financial information across different Financial Information Providers through any NBFC-AA of their choice.

Additionally, depositories regulated by SEBI are being facilitated to include information related to bank deposit accounts in their Consolidated Account Statement (CAS) through NBFC-AAs. This will enable demat account holders to view both demat holdings and bank deposit account details in a single statement. Customers without demat accounts can also obtain a consolidated view of their financial information through NBFC-AAs.

Timeline and Significance

Both the account aggregator interoperability measure and the CAS enhancement are expected to be implemented by 31 December 2026. The TCCFM's formation signals a more institutionalised approach by the RBI to solicit private-sector input before finalising market-related policies — a step that market participants have long sought. Notably, this comes at a time when Indian financial markets are navigating higher volatility, expanding derivative volumes, and increasing cross-border capital flows.