EconomyRBI
RBI sets up market panel under Deputy Governor Rohit Jain, with bankers and ex-Sebi member Ananth Narayan
The Technical Consultative Committee for Financial Markets will be the central bank's formal forum with traders, banks and market infrastructure on money, bond and currency markets.
Key points
- The RBI formed a Technical Consultative Committee for Financial Markets.
- It is chaired by Deputy Governor Rohit Jain.
- Members include Ananth Narayan and Ridham Desai.
The Reserve Bank of India has set up a Technical Consultative Committee for Financial Markets, a standing panel of bankers, market experts and academics that will advise it on the money, government bond and currency markets.
The committee is chaired by Deputy Governor Rohit Jain, who oversees the RBI’s Financial Markets Regulation Department. The central bank called it a “forum for structured engagement with market participants and stakeholders”.
Who is on it
The external members include Ananth Narayan, a former Sebi whole-time member and professor of practice at IIT Bombay; Shamsher Singh, chairman of FIMMDA and deputy managing director at SBI; Neeraj Gambhir of Axis Bank; Shailendra Jhingan of ICICI Bank; Aditya Bagree of Citi India; Nand Kishore of the Clearing Corporation of India; and Ridham Desai of Morgan Stanley India.
What it will do
The panel will look at how well the markets work, how liquid and resilient they are, and how to deepen and broaden them. It will review how RBI measures are carried out on the ground and flag any unintended frictions, and it will cover trading, clearing, settlement and reporting, along with new products and emerging risks at home and abroad.
Market participants said the RBI had already been consulting them informally, and the committee formalises that process.