Key facts
- The panel is chaired by the RBI deputy governor in charge of financial markets regulation, the central bank said.
- Seven external members come from State Bank of India, Axis Bank, ICICI Bank, Citibank India, Clearing Corporation of India and Morgan Stanley India.
- The committee will examine trading, clearing, settlement and reporting mechanisms and the regulatory framework for market infrastructure.
- It will review domestic and international developments, financial innovations and emerging risks affecting Indian markets.
- Meetings will be convened at least once every quarter, the RBI said.
- The RBI said it has not announced specific regulatory changes through the committee's constitution.
The Reserve Bank of India announced a technical consultative committee on November 4, 2026 to examine the efficiency, liquidity and resilience of the country's foreign exchange and government bond markets. The central bank said the panel will serve as a forum for discussion of policy and operational issues concerning money markets, government securities, foreign exchange markets, related derivatives and market infrastructure.
The committee is chaired by the deputy governor in charge of financial markets regulation, according to Reuters. It has seven external members drawn from banks, market infrastructure and research. They include Ananth Narayan, a former SEBI whole time member and professor of practice at IIT Bombay, and Ridham Desai, a managing director at Morgan Stanley India.
The other members are Shamsher Singh, chairman of the Fixed Income Money Market and Derivatives Association of India and a deputy managing director at State Bank of India; Neeraj Gambhir, an 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 Citibank India; and Nand Kishore, managing director of the Clearing Corporation of India.
The RBI set out five broad responsibilities. The panel will identify measures to deepen and broaden money, government securities, foreign exchange and related derivatives markets. It will examine trading, clearing, settlement and reporting mechanisms and the regulatory and operational framework governing market infrastructure.
It will also review emerging policy and operational challenges, including difficulties in implementing RBI measures and unintended market frictions, and assess domestic and international developments, financial innovations and emerging risks that could influence Indian financial markets. The panel may consider specific market or macroeconomic issues referred by the central bank.
The RBI said meetings will be convened at least once every quarter. The committee was proposed in the central bank's Statement on Developmental and Regulatory Policies issued on October 7, 2026, against the backdrop of rapidly evolving financial markets and infrastructure. The RBI has not announced specific regulatory changes through the committee's constitution.