RBI Forms Financial Markets Committee; SBI, Axis Bank, Citibank And Morgan Stanley Among Members

The Reserve Bank of India has constituted a Technical Consultative Committee for Financial Markets to facilitate structured engagement with market participants and stakeholders on policy and operational matters concerning financial markets.

The move follows the announcement made in the RBI's Statement on Developmental and Regulatory Policies dated October 7, 2026. The Committee will examine issues relating to money, government securities, foreign exchange markets, related derivatives markets and their infrastructure.

The Committee will be chaired by the RBI Deputy Governor in charge of the Financial Markets Regulation Department. Its seven external members include former SEBI Whole Time Member Ananth Narayan, Fixed Income Money Market and Derivatives Association of India Chairman and Deputy Managing Director of State Bank of India Shamsher Singh, Axis Bank Executive Director Neeraj Gambhir, ICICI Bank's Head of Treasury and Economic Research Shailendra Jhingan, Citibank India's Managing Director Aditya Bagree, Clearing Corporation of India Limited's Managing Director Nand Kishore and Morgan Stanley India's Managing Director Ridham Desai.

The Committee will deliberate on matters concerning the functioning, efficiency, liquidity and resilience of financial markets, including measures to deepen and broaden these markets. Its mandate also covers trading, clearing, settlement, reporting and infrastructure, emerging policy and operational concerns, implementation of RBI measures, and domestic and international developments that could affect Indian financial markets.

It will also examine emerging risks, along with specific market related issues and macroeconomic considerations referred to it by the RBI.

The RBI has stated that the Committee will meet at least once every quarter.