Shri Radha Shyam Ratho Committee

On 25th June 2025, the Working Group chaired by Shri Radha Shyam Ratho submitted its report to the Reserve Bank of India (RBI).

The Working Group was constituted in February 2025 to undertake a comprehensive review of trading and settlement timings of financial markets regulated by the RBI.

Objective of the Working Group

Area	Details
Main Objective	To review and recommend reforms in trading and settlement timings of RBI-regulated financial markets for better market development, liquidity optimization, and price discovery.

Key Recommendations

Segment	Recommendation
Call Money Market	Market timings extended to 7:00 PM from 1 July 2025. Revised timings: 9:00 AM – 7:00 PM.
Market Repo & TREP	Trading hours extended to 4:00 PM from 1 August 2025. Revised timings: 9:00 AM – 4:00 PM.
Other Financial Markets	Trading hours for government securities market, foreign exchange market, and interest rate derivatives market remain unchanged.

Importance of the Recommendations

Aspect	Significance
Market Development	Helps improve efficiency and depth of financial markets.
Liquidity Management	Extended market timings support better liquidity optimization and fund management.
Price Discovery	Longer trading windows improve transparency and market-based price discovery.

PT Facts

Call Money Market: Deals with short-term funds borrowed and lent for one day.
TREP: Stands for Tri-Party Repo.
RBI: Regulates money market, government securities market, and foreign exchange market in India.
Repo Market: Enables short-term borrowing and lending against government securities.

Source:

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