The first meeting of the reconstituted Technical Advisory Committee (TAC) on Financial Markets was held today at Reserve Bank of India, Central Office Mumbai. The TAC reviewed the recent developments in money market, government securities market and forex market. The TAC also deliberated on various market development measures including implementation of some of the recent announcements made in the First Bi-monthly Policy Statement for the year 2015-16 to encourage retail participation in the Government securities market, introduction of products like interest rate options and steps required to activate the use of products like Separate Trading of Registered Interest and Principal Securities (STRIPS), Credit Default Swaps (CDS) and repo in corporate bonds. The Reserve Bank of India recently reconstituted the Technical Advisory Committee on Money, Foreign Exchange and Government Securities Markets. The TAC comprises: | Chairman | | 1 | Shri H.R. Khan
Deputy Governor
Reserve Bank of India | | Members | | 2 | Shri K. L. Prasad
Economic Adviser
Ministry of Finance | | 3 | Shri Rajeev Kumar Agarwal
Whole Time Member
Securities & Exchange Board of India (SEBI) | | 4 | Prof Abraham Koshy
Chairman, Federal Bank & Professor, IIM, Ahmedabad | | 5 | Prof Prakash G. Apte
Professor, NIBM, Pune | | 6 | Shri Praveen Gupta
Deputy Managing Director & Chief Financial Officer
State Bank of India | | 7 | Ms. Shikha Sharma
Managing Director and Chief Executive Officer
Axis Bank | | 8 | Shri Pramit Jhaveri
Chief Executive Officer
Citi Bank | | 9 | Shri S. B. Mainak
Managing Director
Life Insurance Corporation of India | | 10 | Ms. Chitra Ramkrishna
Managing Director & Chief Executive Officer
National Stock Exchange (NSE) | | 11 | Shri Ashishkumar Chauhan
Managing Director and Chief Executive Officer
Bombay Stock Exchange (BSE) | | 12 | Shri R. Sridharan
Managing Director
Clearing Corporation of India Ltd (CCIL) | | 13 | Shri G.V. Nageswara Rao
Managing Director & Chief Executive Officer
National Securities Depository Ltd (NSDL) | | 14 | Shri N.S. Venkatesh
Chairperson
Fixed Income Money Market & Derivatives Association of India (FIMMDA) | | 15 | Shri D. G. Patwardhan
Chief Executive
Foreign Exchange Dealers’ Association of India (FEDAI) | | 16 | Shri Sundeep Sikka
Chairman
Association of Mutual Funds of India (AMFI) | | 17 | Member (F & I)*
Insurance Regulatory and Development Authority of India (IRDA) | | (* to be nominated) | Deputy Governor(s), Executive Directors in-charge of Financial Markets Regulation Department (FMRD), Financial Markets Operations Department (FMOD), Internal Debt Management Department (IDMD), Foreign Exchange Department (FED), Department of Banking Regulation (DBR), Department of Banking Supervision (DBS) and Monetary Policy Department (MPD), Heads of FMRD, FMOD, IDMD, FED, DBR and MPD 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 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. The Reserve Bank of India (RBI) first constituted the Technical Advisory Committee on Money and Government Securities Markets in July 1999 with a view to obtaining feedback from market participants, academia, Government, other financial sector regulators, stock exchanges, market representative bodies etc. Since then the confluence of ideas and the advice given by this wide representation have enabled the Reserve Bank to introduce further reforms in financial markets, including products, practices, institutional arrangements and regulation in these markets. Sangeeta Das
Director Press Release : 2014-2015/2221 |