The Reserve Bank of India has reconstituted the Technical Advisory Committee (TAC) on Money, Foreign Exchange and Government Securities Markets. The composition of the reconstituted TAC is :
| Chairman |
1 |
Dr. Subir Gokarn
Deputy Governor
Reserve Bank of India |
Members |
2 |
Shri Anil Bisen
Economic Adviser
Department of Economic Affairs
Ministry of Finance
Government of India |
3 |
Shri Prashant Saran
Whole Time Member
Securities & Exchange Board of India (SEBI) |
4 |
Shri R. K. Nair
Member (F & I)
Insurance Regulatory and Development Authority (IRDA) |
5 |
Shri Ravi Narain
Managing Director and Chief Executive Officer
National Stock Exchange of India Ltd. (NSE) |
6 |
Ms. Chanda Kochhar
Managing Director and Chief Executive Officer
ICICI Bank |
7 |
Shri R. K. Bakshi
Executive Director
Bank of Baroda |
8 |
Shri Gagan Rai
Managing Director and Chief Executive Officer
National Securities Depository Ltd (NSDL) |
9 |
Mr. N.S. Venkatesh
Chairman
Fixed Income Money Market and Derivatives Association of India (FIMMDA) |
10 |
Shri D. G. Patwardhan
Chief Executive
Foreign Exchange Dealers Association of India
(FEDAI) |
11 |
Shri Milind Barve
Chairman
Association of Mutual Funds of India (AMFI) |
12 |
Shri Pradeep Madhav
Chairman
Primary Dealers Association of India (PDAI) |
13 |
Shri S. B. Mainak
Executive Director (Investment-Operations)
Life Insurance Corporation of India |
14 |
Ms. Roopa Kudva,
Managing Director and Chief Executive Officer
Credit Rating Information Services of India Ltd.(CRISIL) |
15 |
Amitabh Chaudhry
Managing Director and Chief Executive Officer
HDFC Standard Life Insurance |
16 |
Prof Sankar De
Executive Director
Centre for Analytical Finance
India School of Business
Hyderabad. |
17 |
Prof H.K. Pradhan
Professor Finance
XLRI School of Business & Human Resources
Jamshedpur |
18 |
Prof V Ravi Anshuman,
Professor Finance and Control
Indian Institute of ManagementBangalore |
Deputy Governor(s), Executive Directors in-charge of Financial Markets Department (FMD), Internal Debt Management Department (IDMD), Department of External Investments and Operations (DEIO) and Monetary Policy Department (MPD), Heads of FMD, IDMD, DEIO, MPD, Department of Economic Policy and Research (DEPR), Foreign Exchange Department (FED), and Regional Director, Maharashtra and Goa of Reserve Bank of India will be permanent invitees.
The terms of reference of the Committee are:
-
to review and recommend measures for deepening and widening the money, foreign exchange and government securities markets including those relating to participants, products, institutional and infrastructural arrangements etc.;
-
to suggest measures for development of market and promoting liquidity in money market instruments, foreign exchange market and government securities;
-
to examine and advise on the evolving and desirable linkages among the money, foreign exchange and government securities and capital markets;
-
to review the infrastructure, legal and institutional arrangements for trading, transfer and settlement in the money, foreign exchange and government securities markets in the context of the emerging payments system including CCIL;
-
to prepare and consider papers on topics relating to product/market development and advise on the policies and practices for the same.
-
to review the qualitative and quantitative aspects of risk management, accounting, disclosure, settlement, legal framework etc. in the money, foreign exchange and government securities markets and render advise, and
-
to examine any other relevant issue having a bearing on these markets referred to it, by RBI.
The Committee may appoint Technical Groups consisting of its own members and/or outside experts to study and submit recommendations on specific issues, if necessary.The Committee will meet as often as it is required, but at least once in a quarter and will function for two years from the date of its first meeting.
It may be recalled that the Reserve Bank of India (RBI) had first constituted the Technical Advisory Committee on Money and Government Securities Markets on July 12, 1999 for a tenure of two years. So far, the TAC has been reconstituted on four occasions, viz., in September 2001, February 2004, June 2006 and January 2009. Keeping in view the inter-linkages between Money, Foreign Exchange and Government Securities Markets and implications for monetary policy operations, the ambit of the TAC was widened, at the time of its reconstitution in February 2004, to include the foreign exchange markets. The TAC is now being reconstituted so that the Reserve Bank can continue obtaining the benefit of opinion from financial market experts from areas such as, banking, academics, Government, stock exchanges, credit rating agencies and market representatives. The confluence of ideas and the advice brought about by this wide representation has enabled the Reserve Bank to make further reforms in financial markets, including products, practices, institutional arrangements and regulation in these markets.
The TAC held its first meeting on May 2, 2012 at Reserve Bank of India, Central Office Mumbai to discuss recommendations of the Working Group (Chairman: Shri R. Gandhi) that was set up to examine ways to enhance liquidity in the G-Sec and Interest Rate Derivatives Markets.
Ajit Prasad
Assistant General Manager
Press Release : 2011-2012/1766 |