RBI names Ridham Desai, Ananth Narayan to new financial markets panel on forex, bond and derivatives markets
RBI's new Technical Consultative Committee for Financial Markets will examine liquidity, market infrastructure, regulatory challenges and emerging risks across India's financial markets.
- Nov 4, 2026,
- Updated Nov 4, 2026 11:55 AM IST
The Reserve Bank of India (RBI) on Wednesday, November 4, announced the constitution of a Technical Consultative Committee for Financial Markets (TCCFM), bringing together seven external experts, including Morgan Stanley India's Ridham Desai and former Securities and Exchange Board of India (SEBI) Whole Time Member Ananth Narayan.
The committee, chaired by the RBI Deputy Governor overseeing the Financial Markets Regulation Department (FMRD), will serve as a platform for structured engagement between the central bank, market participants and other stakeholders.
The announcement follows the RBI's Statement on Developmental and Regulatory Policies issued on October 7, 2026, which proposed the committee against the backdrop of rapidly evolving financial markets and infrastructure.
According to the RBI, the panel will deliberate on policy and operational matters concerning money markets, government securities, foreign exchange markets, related derivatives and market infrastructure.
Who are the committee members?
The seven external members represent banking, financial markets, regulatory expertise and clearing infrastructure.
The committee includes Ananth Narayan, former SEBI Whole Time Member and Professor of Practice at IIT Bombay, and Ridham Desai, Managing Director at Morgan Stanley India.
Other members are Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Deputy Managing Director at State Bank of India; Neeraj Gambhir, Executive Director at Axis Bank; and 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 Limited, complete the panel.
What will the panel examine?
The RBI has outlined five broad responsibilities for the committee, focusing on strengthening the functioning, efficiency, liquidity and resilience of India's financial markets.
The panel will identify measures to deepen and broaden money, government securities, foreign exchange and related derivatives markets.
It will also examine trading, clearing, settlement and reporting mechanisms, alongside the regulatory and operational frameworks governing market infrastructure.
Another responsibility will involve reviewing emerging policy and operational challenges, including difficulties in implementing RBI measures and identifying unintended market frictions.
The committee will additionally assess domestic and international developments, financial innovations and emerging risks that could influence Indian financial markets.
It may also consider specific market-related issues or macroeconomic developments referred by the central bank.
How frequently will the committee meet?
The RBI said the committee's meetings will be convened at least once every quarter, ensuring regular consultations with market participants.
The initiative establishes a formal mechanism for industry feedback as financial markets evolve, particularly around liquidity, operational efficiency, market resilience and regulatory implementation.
The committee's recommendations could help inform future policy discussions, although the RBI has not announced any specific regulatory changes through its constitution.
The Reserve Bank of India (RBI) on Wednesday, November 4, announced the constitution of a Technical Consultative Committee for Financial Markets (TCCFM), bringing together seven external experts, including Morgan Stanley India's Ridham Desai and former Securities and Exchange Board of India (SEBI) Whole Time Member Ananth Narayan.
The committee, chaired by the RBI Deputy Governor overseeing the Financial Markets Regulation Department (FMRD), will serve as a platform for structured engagement between the central bank, market participants and other stakeholders.
The announcement follows the RBI's Statement on Developmental and Regulatory Policies issued on October 7, 2026, which proposed the committee against the backdrop of rapidly evolving financial markets and infrastructure.
According to the RBI, the panel will deliberate on policy and operational matters concerning money markets, government securities, foreign exchange markets, related derivatives and market infrastructure.
Who are the committee members?
The seven external members represent banking, financial markets, regulatory expertise and clearing infrastructure.
The committee includes Ananth Narayan, former SEBI Whole Time Member and Professor of Practice at IIT Bombay, and Ridham Desai, Managing Director at Morgan Stanley India.
Other members are Shamsher Singh, Chairman of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and Deputy Managing Director at State Bank of India; Neeraj Gambhir, Executive Director at Axis Bank; and 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 Limited, complete the panel.
What will the panel examine?
The RBI has outlined five broad responsibilities for the committee, focusing on strengthening the functioning, efficiency, liquidity and resilience of India's financial markets.
The panel will identify measures to deepen and broaden money, government securities, foreign exchange and related derivatives markets.
It will also examine trading, clearing, settlement and reporting mechanisms, alongside the regulatory and operational frameworks governing market infrastructure.
Another responsibility will involve reviewing emerging policy and operational challenges, including difficulties in implementing RBI measures and identifying unintended market frictions.
The committee will additionally assess domestic and international developments, financial innovations and emerging risks that could influence Indian financial markets.
It may also consider specific market-related issues or macroeconomic developments referred by the central bank.
How frequently will the committee meet?
The RBI said the committee's meetings will be convened at least once every quarter, ensuring regular consultations with market participants.
The initiative establishes a formal mechanism for industry feedback as financial markets evolve, particularly around liquidity, operational efficiency, market resilience and regulatory implementation.
The committee's recommendations could help inform future policy discussions, although the RBI has not announced any specific regulatory changes through its constitution.