RBI establishes quarterly financial markets committee

The Reserve Bank of India has established a quarterly consultative committee to examine policy and operational issues across financial markets, including money, government securities and foreign exchange. The Technical Consultative Committee for Financial Markets was announced on November 4 and will meet at least once every quarter, according to the RBI’s announcement. The panel will consider the functioning, efficiency, liquidity and resilience of those markets and related derivatives, and identify measures to broaden and deepen them. Its remit also covers trading, clearing, settlement, reporting and other market infrastructure, along with the regulatory and operational frameworks governing those activities. The committee will discuss the implementation of RBI measures and possible unintended market frictions, as well as domestic and international developments, financial innovation and emerging risks. The central bank may also refer specific market concerns or broader macroeconomic issues to the panel. Seven external members are named: Ananth Narayan, a former whole-time member of the Securities and Exchange Board of India and professor of practice at IIT Bombay; Shamsher...