RBI forms expert panel to steer India’s financial market stability

The Reserve Bank of India has set up a Technical Consultative Committee for Financial Markets to advise on market functioning and regulation. The committee brings together senior banking executives, market experts and other industry representatives. It will look at money, government securities, foreign exchange and related derivative markets, as well as the trading, clearing, settlement and reporting systems that support them. The RBI Deputy Governor who heads the Financial Markets Regulation Department will chair the panel. External members include former SEBI whole‑time member Ananth Narayan, FIMMDA chairman and SBI deputy MD Shamsher Singh, Axis Bank executive director Neeraj Gambhir, ICICI Bank’s Shailendra Jhingan, Citibank India’s Aditya Bagree, Clearing Corporation of India MD Nand Kishore and Morgan Stanley India MD Ridham Desai. The committee was announced after the RBI’s Statement on Developmental and Regulatory Policies dated 7 October 2026. Its mandate covers efficiency, liquidity and resilience of the markets and seeks ways to deepen and broaden them. It will also flag emerging policy challenges, unintended frictions and risks from new financial innovations, both domestic and global. Meetings will be held at least quarterly, giving the regulator a regular channel for structured engagement. While the RBI has not said whether the panel’s advice will be binding or public, the forum aims to channel market expertise into regulatory and operational decisions.

Context

The panel reflects a shift toward broader stakeholder consultation as Indian markets grow more complex and interconnected, and as infrastructure weaknesses can hurt confidence and liquidity.