Press Releases

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Date : Jun 19, 2006
Reconstitution of the Technical Advisory Committee on Money, Foreign Exchange and Government Securities Markets

The Reserve Bank of India has reconstituted the Technical Advisory Committee on Money, Foreign Exchange and Government Securities markets to continue obtaining benefit of expert opinion from financial market experts from areas, such as, banking, academics, government, stock exchanges, credit rating agencies and market representatives.

The composition of the reconstituted Committee is:


1. Dr. Rakesh Mohan, Deputy Governor, Reserve Bank of India (Chairman)
2. Shri C. B. Bhave, Managing Director, National Securities Depository Ltd. (NSDL)
3. Shri Ashok Jha, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India
4. Shri Arun Kaul, Treasurer, Punjab National Bank
5. Smt. Naina Lal Kidwai, CEO, Hongkong and Shanghai Banking Corporation Limited, India
6. Shri Uday Kotak, MD & CEO, Kotak Mahindra Bank Ltd.
7. Shri A. P. Kurian, Chairman, Association of Mutual Funds of India (AMFI)
8. Shri M. M. Lateef, Chairman, Primary Dealers Association of India (PDAI)
9. Dr. T. C. Nair, Whole Time Member, Securities & Exchange Board of India (SEBI)
10. Shri Ravi Narain, Managing Director, National Stock Exchange (NSE)
11. Shri P. K. Pain, Chief Executive Officer, Foreign Exchange Dealers Association of India (FEDAI)
12. Dr. R. H. Patil, Chairman, Clearing Corporation of India Ltd. (CCIL)
13. Shri R. Ravimohan, MD & CEO, Credit Rating Information Service of India Ltd. (CRISIL)
14. Shri Sushobhan Sarker, Executive Director (Investment), Life Insurance Corporation of India
15. Shri A K Sharma, DMD & CFO, State Bank of India
16. Shri V. Srinivasan, Chairman, Fixed Income Money Market and Derivatives Association of India, (FIMMDA)
17. Prof. Susan Thomas, Indira Gandhi Institute of Development Research
18. Shri R. Vaidyanathan, Professor, Indian Institute of Management (IIM), Bangalore

Deputy Governor(s), Executive Director in charge of Internal Debt Management Department (IDMD) and Department of External Investments and Operations (DEIO) and Heads of Departments of Financial Markets Department (FMD), IDMD, DEIO, Monetary Policy Department (MPD); Department of Economic Analysis and Policy (DEAP); Foreign Exchange Department (FED) and Regional Director, Maharashtra and Goa of Reserve Bank of India will be permanent invitees. The Secretariat of the TAC would be provided by FMD. Heads of Department of FMD, IDMD, DEIO and MPD will be Secretaries to the Committee.

The terms of reference of the Committee are:

i. 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.;

ii. to suggest measures for development of market and promoting liquidity in money market instruments, foreign exchange market and government securities;

iii. to examine and advise on the evolving and desirable linkages among the money, foreign exchange and government securities and capital markets;

iv. 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;

v. to prepare and consider papers on topics relating to product/market development and advise on the policies and practices for the same.

vi. 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

vii. 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.

The Reserve Bank of India (RBI) has in recent times taken several initiatives to strengthen the consultative process for policy formulation covering areas, such as, monetary policy, financial markets development and regulation. The Technical Advisory Committee (TAC) on Money, Foreign Exchange and Government Securities Market constitutes an important pillar of this process. Since the formation of the Committee, it has been reconstituted from time to time, with the last reconstitution done on February 21, 2004 when the Committee was renamed as the Technical Advisory Committee on Money, Foreign Exchange and Government Securities Market (Chairman: Dr. Rakesh Mohan) with a broader ambit to cover foreign exchange markets. This Committee was in place for a period of about two years in which it made valuable contributions to the reform process in the financial markets in its sphere.

Alpana Killawala
Chief General Manager

Press Release No. 2005-06/1647

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