The Reserve Bank of India (RBI) has established the Technical Consultative Committee for Financial Markets (TCCFM) in response to the swift evolution of financial markets and infrastructure. This Committee will facilitate structured dialogue with market participants and stakeholders, enabling the Reserve Bank to address policy and operational considerations concerning money, government securities, and foreign exchange markets, alongside their corresponding derivative markets and underlying infrastructure. The Deputy Governor (DG) overseeing the Financial Markets Regulation Department (FMRD) of the Reserve Bank of India will Chair the Committee.

The Technical Consultative Committee for Financial Markets will operate under the following Terms of Reference.

Concerns regarding the operational efficacy, liquidity, and robustness of money, government securities, foreign exchange, and associated derivative markets, alongside the assessment of strategies to enhance their depth and breadth.

Concerns pertaining to trade execution, clearing processes, settlement procedures, reporting mechanisms, and the broader market infrastructure, encompassing the relevant regulatory and operational frameworks.

Unresolved policy and operational challenges are impacting financial markets, encompassing the execution of Reserve Bank of India directives and the detection of unanticipated market disruptions.

International and domestic developments, financial innovations, and emerging risks that may affect Indian financial markets. Any specific market issues or macroeconomic considerations referred to the Committee by the Reserve Bank.