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MUMBAI: The Reserve Bank of India has constituted the Technical Consultative Committee for Financial Markets to strengthen the oversight, transparency, and operational resilience of the country’s evolving financial market architecture. Chaired by RBI Deputy Governor Rohit Jain, who oversees the Financial Markets Regulation Department, the panel brings together seven external experts from banking, financial markets, clearing corporations, and financial services. The consultative forum has been designed to facilitate structured dialogue between the central bank and external market participants on policy formulation and operational procedures.
According to an official release issued by the central bank on Wednesday, the consultative body will examine developments across the money, government securities, foreign exchange, and related derivative markets, alongside market infrastructure. As rapid changes reshape financial networks, the committee will advise the central bank on evaluating the impact of policy decisions, monitoring market efficiency, and assessing potential structural risks. The panel is mandated to convene at least once every quarter.
Seven Financial Sector Experts Inducted
The central bank has inducted prominent industry figures into the advisory body. The external members include Ananth Narayan, former whole-time member of the Securities and Exchange Board of India and currently professor of practice at IIT Bombay, and Shamsher Singh, chairman of the Fixed Income Money Market and Derivatives Association of India and deputy managing director at State Bank of India.
The committee also features Neeraj Gambhir, executive director at Axis Bank, Shailendra Jhingan, head of treasury and economic research at ICICI Bank, and Aditya Bagree, managing director and head of markets at Citi India. The remaining appointments include Nand Kishore, managing director of the Clearing Corporation of India Limited, and Ridham Desai, managing director at Morgan Stanley India.
Focus on Market Liquidity and Resilience
The core remit of the committee entails continuous review of the functioning of the money, government debt, currency, and derivative markets. Members will evaluate market efficiency, liquidity conditions, stability, and risk-absorption capacity across domestic platforms. In addition, the panel will recommend targeted measures to deepen participation and broaden the reach of these segments.
The group will assess operational considerations arising from regulatory changes introduced by the RBI to prevent unintended market friction. Beyond monitoring trading, clearing, settlement, and reporting systems, the committee will evaluate regulatory frameworks to support efficient transactions. Discussions will also incorporate domestic and international macroeconomic events, technological developments, and emerging systemic vulnerabilities, with the RBI retaining the discretion to refer specific financial or macroeconomic matters for expert review.
Account Aggregator Interoperability and Consolidated Statements
Alongside the formation of the technical advisory committee, the central bank announced key consumer-focused digital initiatives, including interoperability among non-banking financial company account aggregators. The interoperability framework will enable customers to retrieve and transmit their financial records across multiple financial information providers through any licensed account aggregator platform of their choice, removing existing procedural constraints in cross-platform data exchanges.
The regulator has also enabled depositories governed by SEBI to include bank deposit balances within the Consolidated Account Statement using the account aggregator ecosystem. Demat account holders will consequently view both bank deposits and investment assets, including equities and debt securities, within a single unified statement. Individuals without demat holdings can continue utilizing account aggregators to generate consolidated views of their financial accounts. The central bank expects both initiatives to be operational by December 31, 2026.
