RBI Forms Financial Markets Panel With Ridham Desai, Ananth Narayan

The Reserve Bank of India on 4 November set up a Technical Consultative Committee for Financial Markets, with seven outside experts, to advise it on the money, government securities and foreign exchange markets and their derivatives. Business Today reported that the panel will be chaired by the Deputy Governor in charge of financial markets regulation and will meet at least once every quarter. Members include Ridham Desai of Morgan Stanley India and Ananth Narayan, a former SEBI whole-time member.

A Formal Line to Market Players

For ordinary borrowers and savers there is no immediate change in rates or rules. The committee gives the RBI a regular channel to hear from banks, primary dealers and market infrastructure firms before it changes rules on trading, clearing, settlement and reporting. The central bank described it as a structured platform for direct engagement with market participants, according to the reports.

Seven Members From Banks and Markets

Besides Desai and Narayan, the members named by Business Today are Shamsher Singh, Chairman of FIMMDA and deputy managing director at State Bank of India; Neeraj Gambhir of Axis Bank; Shailendra Jhingan of ICICI Bank; Aditya Bagree of Citibank India; and Nand Kishore of the Clearing Corporation of India. The panel’s remit covers ways to deepen the markets, the working of trading and settlement systems, difficulties in carrying out RBI measures, and new risks, and the RBI can refer other macroeconomic questions to it. The move follows the RBI’s Statement on Developmental and Regulatory Policies of 7 October 2026, which the report links to the committee.

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First Meeting Date Not Announced

Neither report gave a tenure for the members or the date of the first meeting. The RBI’s next monetary policy decision, which will test how the central bank weighs market feedback, is covered in our report on the first rate hike since 2023, and the SBI chairman’s view of the road ahead is in this story.

Source: Based on reporting by Business Today and Avenue Mail. No RBI press release link could be found after searching rbi.org.in.

Image: Business Today.