The Reserve Bank of India has constituted a Technical Consultative Committee for Financial Markets to strengthen engagement with market participants on policy and operational issues. The central bank announced the committee on 4 November 2026.
The forum covers money markets, government securities, foreign exchange, related derivatives and the infrastructure supporting those markets. It follows an announcement in the RBI's Statement on Developmental and Regulatory Policies dated 7 October 2026.
The committee spans core market segments
The RBI said the committee will examine issues affecting the functioning, efficiency, liquidity and resilience of the covered markets. Those themes include trading practices, settlement arrangements, market depth and the operational links between instruments and infrastructure.
The committee is consultative. Its formation does not by itself change a regulation, market convention or reporting obligation. Any policy effect would require a subsequent RBI decision, circular or other formal communication.
RBI and external members share the forum
The committee will be chaired by the RBI deputy governor responsible for the Financial Markets Regulation Department. Seven external members represent experience across regulation, banks, market associations, clearing infrastructure and institutional markets.
The external membership includes representatives associated with SBI, Axis Bank, ICICI Bank, Citibank India, Clearing Corporation of India and Morgan Stanley India, alongside a former SEBI whole-time member. The mix is intended to bring operating experience into the central bank's consultations.
Quarterly dialogue can surface operational issues
The committee is expected to meet quarterly. A standing forum can allow recurring market-structure issues to be assessed across segments rather than through one-off consultations.
For treasuries and financial institutions, the relevant outputs will be the specific subjects taken up and whether the RBI follows them with consultation papers or binding measures. The announcement does not set out a first-meeting agenda.
Key numbers
- Announcement date: 4 November 2026
- Prior policy statement: 7 October 2026
- External members: seven
- Core market areas: three, plus derivatives and infrastructure
- Expected meeting frequency: quarterly
What boards and CFOs should note
- Which liquidity, resilience and infrastructure issues reach the committee's first agenda?
- Could later RBI consultations affect treasury operations or market-access controls?
- How will institutions distinguish committee discussion from binding regulatory change?
Source: Reserve Bank of India press release, 4 November 2026. This is a summary of an official release, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
